Jefferies analyst Julien Dumoulin-Smith upgraded One Gas (OGS) to Buy from Hold with a price target of $84, up from $76. The firm increase its target premium to utility peers to 8% reflecting defensive characteristics and upside to estimates from Fed rate cuts and an economic slowdown. One Gas has outperformed the sector 8% year-to-date, but still trades “at (only) an average electric multiple and has significantly underperformed over the last five years,” the analyst tells investors.
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