Wells upgrades Excelerate Energy to Equal Weight on higher expected growth

As previously reported, Wells Fargo analyst Michael Blum upgraded Excelerate Energy (EE) to Equal Weight from Underweight with a price target of $26, up from $23, citing the acquisition of the integrated LNG and power platform in Jamaica that closed in May as well as recent underperformance in the shares. The firm, which sees a higher degree of visible growth tied to the Jamaica acquisition, now expects EBITDA to grow at a 6% compound annual growth rate over the next three years, up from a prior estimated CAGR of 3%.