Expand Energy downgraded to Market Perform from Outperform at William Blair

William Blair downgraded Expand Energy (EXE) to Market Perform from Outperform without a price target The company will need time to achieve its goals, which include a 20c per Mcfe margin improvement to deliver $500M in annual free cash flow, the analyst tells investors in a research note. Blair thinks capturing new demand and integration will likely take quarters versus weeks or months. The stock’s discount to peers will last until Expand’s execution meaningfully advances beyond initial announcements, the analyst tells investors in a research note.