BofA analyst Doug Leggate upgraded Coterra Energy to Neutral from Underperform with a price target of $29, down from $30. Coterra’s risk/reward has been reset for one of the lowest beta stocks in the sector, Leggate tells investors in research note. He believes the shares now discount gas prices around $3.40 and notes the company’s exposure to weak Waha basis is limited relative to peers.
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Published first on TheFly
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