UBS analyst Manav Gupta upgraded Venture Global (VG) to Buy from Neutral with an unchanged price target of $18. The firm says the volume ramp at Plaquemines continues to surprise to the upside. The Street is underestimating the number of commissioning cargoes from Plaquemines, with UBS estimates will come in around 600 versus he company’s guidance of 550, the analyst tells investors in a research note. The firm believes the 50 additional commissioning cargoes could drive earnings upside of $970M, which is not in Street estimates. UBS thinks Venture shares will close their valuation gap relative to peers.
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