Southwest Gas (SWX) PT Raised to $103 at Mizuho

Mizuho analyst Gabriel Moreen raised the price target on Southwest Gas (NYSE: SWX) to $103.00 (from $98.00) while maintaining a Outperform rating.

The analyst comments "Mizuho Reaction - Positive: Before the open today, SWX reported 2Q26 adj. EPS of $0.45, in-line with both MSUSAe, and reaffirmed 2026 guidance alongside its long-term 12-14% growth target. The headliner, however, was the up-sizing of the Great Basin Expansion Project. SWX increased planned capital investment to $2.3bn (from $1.7bn) and up-sizing pipe capacity to 2 bcf/d (from 1 bcf/d), lifting expected incremental annual margin to $270-300mn from $215-245mn (exhibit-3). The expansion is underpinned by ~1 bcf/d of contracted incremental demand (versus ~0.6 bcf/d previously), with ~1.8 bcf/d of total requests and in-service dates spanning 2029-2035 indicating potential for further up-sizing rounds. While the up-sizing was largely consistent with our expectations, we believe the Street underappreciated the feasibility of the project advancing at this scale. See below for our analysis of revised project impacts on SWX growth and raise PT to $103/sh on our higher estimates incorporating Great Basin up-sizing."

You May Also Be Interested In

• Jones Trading Starts Seaport Therapeutics (SPTX) at Buy
• Rush Enterprises Inc. (RUSHA) PT Raised to $85 at UBS
• Calumet Specialty Products Partners (CLMT) PT Raised to $47 at UBS