Northwest Natural Gas initiated with a Hold at TD Cowen

TD Cowen initiated coverage of Northwest Natural Gas (NWN) with a Hold rating and $58 price target The company has embarked on a journey to transform its low-growth Pacific Northwest profile by adding fast-growing water and Texas gas utilities, and the firm expects earnings growth to move up from its historical 3%-5% range to a range of 4%-6%, the analyst tells investors in a research note. TD Cowen adds, however, that the stock’s current valuation already captures the re-rating.