Citi analyst Scott Gruber upgraded Coterra Energy to Neutral from Sell with a price target of $25, up from $22. The analyst contends that the stock is unlikely to be pulled lower in the near future even if gas prices fall its proximity to cash cost. Citi further states that the anticipated reduction in Haynesville drilling and production activity will help support gas prices along the forward curve as well as E&P names with Appalachia-focused portfolios such as Coterra.
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Published first on TheFly
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