Scotiabank upgraded CNX Resources (CNX) to Sector Perform from Underperform with a price target of $33, up from $31. Given the high degree of volatility in the market, the firm views the company’s hedging position as less of a liability for the stock and a benefit if natural gas prices pull back, the analyst tells investors. It also sees modest positive upside potential on updated financial and net asset value estimates after the roughly 20% year-to-date share price decline, the analyst added.
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