EQT Corporation price target raised to $49 from $48 at Piper Sandler

Piper Sandler raised the firm’s price target on EQT Corporation (EQT) to $49 from $48 and keeps a Neutral rating on the shares. The firm believes EQT is well positioned to benefit from LT gas demand in Appalachia, as the company highlighted expectations to realize $250M of free cash flow uplift from recently announced gas supply contracts and other infrastructure projects in FY29, before contemplating any growth or regional basis uplift. That benefit doesn’t come without cost, as the company expects to spend $1B on infrastructure, weighted to FY27/2028 to realize that free cash flow benefit. While Piper is encouraged by the long-term EQT story, it is concerned with near-term gas fundamentals, with domestic supply remaining resilient and strong seasonal storage build.