Wells downgrades Excelerate Energy to Underweight on limited visibility

Wells Fargo downgraded Excelerate Energy to Underweight from Equal Weight with a price target of $19, down from $20. The analyst cites valuation, limited visibility to growth, and limited capital return relative to midstream peers for the downgrade. While Excelerate has significant potential growth tied to developing downstream projects in several geographies and has provided some rough outline of potential projects, “details remain scant,” the analyst tells investors in a research note. Wells says there’s limited visibility on the size, scope or timing to achieving return on potential investments.