UPDATE: Bank Of America Reiterates On Golar LNG Limited (USA) On Rising Demand

In a report published Friday, Bank of America analyst Ken Hoexter reiterated a Buy rating on Golar LNG Limited (USA) (NASDAQ: GLNG), and raised the price target from $75.00 to $110.00.

In the report, Bank of America noted, “Golar LNG is benefiting from rising demand for its planned floating LNG production units (FLNG), and plans to build 10 over a 5-year period. The FLNG's will liquefy natural gas, enabling producers to rapidlyexport natural gas. This past summer, it announced plans to build its first FLNG, contracting with Keppel (with the shipyard eventually taking a 10% stake in the first vessel, adding confidence to its delivery time). Recently, vice chairman Tor Olov Troim noted that the first FLNG contract would likely be firmed in October, increasing Golar's confidence to contract for a second FLNG, and set plans to build 10 in 5 years. We believe demand continues to scale for future FLNG vessels, which will drive bottom line value, and supports GLNG's desire to maintain its first to market mover advantage in building FLNG's.”

Golar LNG Limited closed on Thursday at $71.20.