Ladenburg initiated coverage of Sempra Energy with a Buy rating and $81.50 price target. Sempra’s operations combine regulated electric and gas utilities with utilitylike infrastructure investments which are contracted over long periods, the analyst tells investors in a research note. The firm says growth in both businesses is driven by a significant backlog of investments, including projected rate base growth of 9% and a series of liquid natural gas projects with supporting gas pipeline and storage operations. Sempra is among the fastest growing companies in the utility universe, notes Ladenburg.
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