UPDATE: Morgan Stanley Downgrades Cabot Oil & Gas Due To Uncertainty

In a report published Tuesday, Morgan Stanley analyst Drew Venker downgraded the rating on Cabot Oil & Gas (NYSE: COG) from Overweight to Equal-Weight, and lowered the price target from $45.00 to $38.00.

In the report, Morgan Stanley noted, “Due to the uncertainty of COG's differentials and growth, we believe investors will remain on the sidelines until major infrastructure expansions are in sight. Downgrading to EW and lowering PT to $38 to reflect wider gas differentials LT, reflective of a more bearish scenario through 2016.”

Cabot Oil & Gas closed on Monday at $35.06.