Jefferies upgraded MDU Resources (MDU) to Buy from Hold with a price target of $20, up from $18. MDU’s core business offers “compelling value” at current share levels while the Bakken East Pipeline adds $1 per share to the model at a 50% probability, the analyst tells investors in a research note. Jefferies believes the company’s pipeline upside is becoming more visible. MDU offers 6%-8% annual earnings growth, which is “”differentiated” relative to other exploration and production growth stories, the firm contends.
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