BofA lowered the firm’s price target on UGI Corporation to $22 from $25 and keeps an Underperform rating on the shares after the company’s Q4 update. The firm is awaiting a “likely” rebasing of the 6%-10% EPS CAGR upon resolution of the AmeriGas strategic review. BofA added that 2024 guidance was “underwhelming” on lower LPG volumes.
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