Wells Fargo raised the firm’s price target on Expand Energy (EXE) to $123 from $120 and keeps an Equal Weight rating on the shares. Long term, the company continues to target 20c/mcf realization benefit from supply agreements and end-user delivery, equating to a $500M structural annual EBITDA uplift, the firm notes. The imperative to lock in supply deals and deliver customer visibility informed the HQ move to Houston, as stated at the original announcement.
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