BMO Capital lowered the firm’s price target on Sempra Energy to $160 from $168 and keeps a Market Perform rating on the shares. The analyst cites the company’s Q2 earnings beat while noting that its outlook for upside capex and support for higher earnings at Oncor with the passage of legislation in May, as well as the higher ownership level at Port Arthur 2 and associated incremental EBITDA contribution, more than offsets an expected delay in reaching FID on Cameron Phase into 2024 as management takes additional time to derisk the project. The firm is reducing its price target however as it adjusts its model to peer group multiples.
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