Mizuho Securities Starts Southwestern Energy (SWN) at Buy
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Mizuho Securities initiates coverage on Southwestern Energy (NYSE: SWN) with a Buy rating and a price target of $20.00.
Analyst Timothy Rezvan commented, "Street modeling appears overly bearish on SWN shares, now that Southwestern has fixed its balance sheet after its $5.4 billion entry into southwest Appalachia. Steady production declines since 4Q15 should trough by year-end '16. We expect $3+/mcf gas prices will drive organic deleveraging and deliver production and earnings growth in '17. Our work suggests SWN shares trade at less than 7x 2017E EV/EBITDA, and at <$14/shr, we see no value for Appalachia resource potential in SWN shares. Our bullish gas outlook into '17 and our conviction on poor consensus modeling drive our Buy rating."
Shares of Southwestern Energy closed at $13.74 yesterday.
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