Bernstein initiated coverage of Expand Energy (EXE) with an Outperform rating and $150 price target. The firm is bullish on gas ands see mid-cycle Henry Hub price rising to $5/mcf. It views the Haynesville as the pivotal gas basin and believes Expand will deliver on its synergy guidance of $500M annually by 2026. Expand is Bernstein’s favorite equity to invest in the Haynesville value over volume theme and its second favorite equity to invest in the future of gas theme, slightly behind EQT Corporation (EQT).
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