Wells Fargo lowered the firm’s price target on Expand Energy (EXE) to $120 from $121 and keeps an Equal Weight rating on the shares. The firm expects robust operational execution with in-line volumes for Q2, partially offset by a free cash flow miss due to softer pricing. Key areas of focus include natural gas macro outlook, cash return framework, and production and capital plan for the second half of 2025/FY26, Wells adds.
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