Chesapeake price target raised to $110 from $100 at Truist

Truist raised the firm’s price target on Chesapeake to $110 from $100 and keeps a Buy rating on the shares as part of a broader research note on E&P names. Sentiment rather than estimates has driven the gas E&P group this year, though the firm’s discussions with investors suggest that this trend is currently slowing as higher multiples start to garner re-evaluation, the analyst tells investors in a research note. The Q3 earnings cycle may start the “trend reversal”, as estimate revisions and less bullish corporate commentary play into the more bearish view of many short-term holders, Truist is warning.