New Fortress Energy price target lowered to $48 from $50 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on New Fortress Energy to $48 from $50 and keeps an Overweight rating on the shares as the firm previews Q2 results for U.S. LNG companies. For the quarter, the firm expects softer sequential EBITDA to be coupled with positive commentary on longer-term growth and LNG demand and for New Fortress in particular the firm’s Q2 EBITDA estimate is 22% below consensus, driven by lower open cargo sales.