Expand Energy price target lowered to $126 from $129 at BofA

BofA analyst Kalei Akamine lowered the firm’s price target on Expand Energy (EXE) to $126 from $129 and keeps a Buy rating on the shares. At $60 WTI, U.S. producers are still comfortable and generating excess cash beyond capital expenditures and dividends, so the firm expects producers to largely adopt a wait and see approach at upcoming results with few producers being pre-emptive. The firm believes producers will not cut deep unless prices dip into the $40’s, which is a level at which many producers in the analyst’s space are no longer covering capital and dividends with organic cash flows, the firm added.