Stephens analyst Mike Scialla upgraded Expand Energy (EXE) to Overweight from Equal Weight with a price target of $123, up from $86. The firm is raising its net asset value estimate 43% to $123 based on recent 2025-2027 NYMEX strip prices and the company’s year-end 2024 proved reserve report. It also notes that its proved reserve value estimate of $22.4B compares to the company’s year-end 2024 five-year strip estimate of $22.1B.
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