BofA’s $9 price target
- Shares of Southwestern Energy (NYSE: SWN) received a $9 price target from BofA. These are the details.
Shares of Southwestern Energy (NYSE: SWN) received a $9 price target from BofA. And BofA Securities analyst Doug Leggate reiterated a “neutral” rating on the stock.
Leggate noted that after the company’s 3/8 business update showed that inventory depth is no longer an issue.
“From our perspective, SWN is undervalued, as evidenced by our recent upgrade. But relative to its peers, we see SWN’s gas-weighted portfolio at a disadvantage against its oil-weighted peers, while hedging limits the pace of deleveraging and line of sight to reduce equity volatility as debt targets continue to decline,” Leggate wrote in a research note. “Management continues to target absolute debt of $3 billion to $3.5 billion, which we don’t see until about the first half of 2024. a significant excess of shares (34% of shares outstanding) leaving our rating at Neutral. »
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