UPDATE: Mizuho Securities Starts EQT Corp. (EQT) at Buy

(Updated - July 22, 2020 4:39 PM EDT)

(updating comment)

Mizuho Securities analyst Vincent Lovaglio initiates coverage on EQT Corp. (NYSE: EQT) with a Buy rating and a price target of $22.00.

The analyst comments "EQT is weighted to dry gas production, which is positive for us considering our above-strip gas price forecast. Financial leverage is elevated at 2.6x YE20, but we believe there is a clear and quick trajectory to ~1.0x net debt / EBITDAx in 2022, which should position EQT for significant cash return to equity holders long-term. We forecast sustaining free cash yield at a $2.25/mcf trough price assumption at ~14% in 2022."

For an analyst ratings summary and ratings history on EQT Corp. click here. For more ratings news on EQT Corp. click here.

Shares of EQT Corp. closed at $13.36 yesterday.

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