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Brean Capital Upgrades WGL Holdings (WGL) to Buy

September 13, 2013 7:31 AM EDT Send to a Friend
Get Alerts WGL Hot Sheet
Price: $39.41 --0%

Rating Summary:
    1 Buy, 2 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 9 | Down: 3 | New: 3
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Brean Capital upgraded WGL Holdings (NYSE: WGL) from Hold to Buy with a price target of $46, citing valuation and future investment opportunities.

"Like many utilities in the gas LDC space, the shares of WGL Holdings have come off recent highs and are now trading at a level we consider attractive," analyst Michael Gaugler comments. "Beyond valuation, we consider the recent announcement of conditional approval of Dominion's Cove Point facility for LNG export as a positive development in terms of future investment opportunities, given the company's one-third interest in the Commonwealth Pipeline project, which we believe will be revisited due to future increased demand."

The price target is based on 17x their FY2014 EPS estimate of $2.69.

For an analyst ratings summary and ratings history on WGL Holdings click here. For more ratings news on WGL Holdings click here.

Shares of WGL Holdings closed at $40.62 yesterday.

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