JPMorgan upgraded Excelerate Energy (EE) to Neutral from Underweight with a price target of $30, down from $32, after assuming coverage of the name. The company’s recent Jamaica acquisition expands its downstream operations while also offering a new platform for capital efficient growth, the analyst tells investors in a research note. The firm believes Excelerate has increased its long-term business stability with over 90% take-or-pay cash flows largely insulating operations it from commodity market volatility.
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