Roth Capital downgraded Expand Energy (EXE) to Neutral from Buy with a price target of $98, down from $125. The firm downgraded a host of gas stocks, saying Henry Hub natural gas prices may remain challenged well into 2026 due to oversupply conditions. The industry “seemingly hasn’t learned the key lesson of the past two decades that supply ruins the party,” the analyst tells investors in a research note. Roth does not expect gas prices to meaningfully improve until supply growth is constrained. As such, the firm sees weak supply/demand fundamentals for gas exposed companies.
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