Jefferies Upgrades Columbia Pipeline Group (CPGX) to Buy
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Jefferies upgraded Columbia Pipeline Group (NYSE: CPGX) from Hold to Buy with a price target of $26.00 (from $28.00).
Analyst Christopher Sighinolfi commented, "Amidst a broader midstream sector sell-off in the late Summer, shares of CPGX & CPPL have underperformed the AMZ on concerns of capital market risk and the perceived viability of its long-term, drop-down driven growth strategy; mgmt has made no change to its guidance or comments regarding company fundamentals. Accordingly, we have re-examined our CPGX & CPPL analysis and are upgrading CPGX to Buy, from Hold, but lowering our PT to $26, from $28."
Shares of Columbia Pipeline Group closed at $18.99 yesterday.
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