Updates
** Wall Street brokerages initiate coverage on U.S. liquefied natural gas $(LNG)$ company Venture Global VG.N with most having a bullish view on stock
** Shares of VG up at 2.5% at $16.35 premarket
** JPM, Citigroup, RBC, Guggenheim, Mizuho, Scotiabank, Deutsche Bank began coverage following the expiry of the mandated quiet period
** JPM, RBC and Guggenheim see VG as a key player in the LNG industry due to its efficient project execution, low-cost production and significant growth potential
** "Venture's "design one, build many" modular approach has disrupted the industry. VG seeks to leverage secular LNG demand...for rapid growth" - JPM
** "VG can benefit from LNG sales during the longer commissioning process," RBC says
** Mizuho believes VG's unique business model will generate significant internal cash flow and make it one of the largest LNG exporters globally, and near-term successes, like the Plaquemines project, will validate VG's growth potential
** Citigroup starts coverage with a "neutral" rating, warning of lower margins and volatile earnings from 2027 due to global LNG oversupply, despite co's strengths
** Shares of VG have been trading below IPO price of $25 having debuted at $24.05 last month
Following are brokerages' ratings and PT on VG stock that started coverage:
Brokerage | Rating | Price Target |
J.P. Morgan | Overweight | $25 |
RBC | Outperform | $20 |
Citigroup | Neutral | $18 |
Mizuho | Outperform | $25 |
Deutsche Bank | Buy | $19 |
Guggenheim | Buy | $27 |
Wells Fargo | Equal Weight | $18 |
Scotiabank | Sector Perform | $17 |
(Reporting by Rashika Singh in Bengaluru)
((rashika.singh@thomsonreuters.com))
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