Wolfe Research downgraded Cheniere Energy (LNG) to Peer Perform from Outperform without a price target The company is “unique” as it has almost all of its revenues under 15-plus year long-term take or pay contracts with strong credit counterparties, which is underappreciated by the market, the analyst tells investors in a research note. However, Wolfe believes the stock appears to better reflect Cheniere’s positive attributes after recent strong performance. The firm is also concerned that competitors pursuing different business models than Cheniere will put downward pressure on returns on growth projects and “exacerbate fears of global oversupply in the coming years.”
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