Morgan Stanley analyst Devin McDermott upgraded Excelerate Energy (EE) to Equal Weight from Underweight with a price target of $30, up from $28, after the company reported EBITDA 15% above consensus and increased guidance by 3% at the midpoint to $435M-$450M. Consistently strong quarterly results and execution on the company’s ambitions increase the firm’s confidence in the growth runway, says the analyst, who sees shares now trading near the firm’s estimate of fair value for the existing asset base.
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