Venture Global initiated with a Market Perform at Bernstein

Bernstein initiated coverage of Venture Global (VG) with a Market Perform rating and $20 price target Venture Global is the “most audacious gas story” in Bernstein’s coverage with the widest range of possible outcomes, the analyst tells investors in a research note. The firm says that from existing pre-commercial operations in Louisiana at Calcasieu Pass and Plaquemines, the company is moving forward with a vision to be the world’s largest liquified natural gas exporter. The firm’s macro view “is bad both ways” for a wide cross-Atlantic gas margin, saying it is thus “pre-ordained” to like shares of Venture Global less than consensus. Bernstein is taking a “wait-and-see approach to the equity.”