Excelerate Energy price target raised to $39 from $29 at Wells Fargo

Wells Fargo raised the firm’s price target on Excelerate Energy (EE) to $39 from $29 and keeps an Equal Weight rating on the shares. The firm notes both Q4 and 2026 guidance were in line, and cites higher assumed capital returns for the target change, giving EE full credit for its under levered balance sheet. Iraq project costs moved higher, but the five times build multiple was reaffirmed, adds Wells.