TD upgrades NextDecade on Rio Grande LNG ‘line-of-sight’

TD Cowen upgraded NextDecade (NEXT) to Buy from Hold with a price target of $11, up from $9. The firm says it has “line-of-sight” to Rio Grande LNG not only sanctioning Train 4, but also Train 5. NextDecade should provide additional financial transparency after final investment decision, increasing investor confidence, the analyst tells investors in a research note. TD sees potential for NextDecade to continue to contract volumes for additional trains as the sale and purchase agreement market for liquefied natural gas remains active, with the industry potentially looking past near-term weakness.