CNX Resources price target at Mizuho, recent correction may present opportunity

Mizuho analyst Nitin Kumar lowered the firm’s price target on CNX Resources (CNX) to $34 from $38 and keeps an Underperform rating on the shares. The stock has underperformed gas peers by 30% year-to-date, as expectations of added revenue opportunities for the New Technology segment from 45V tax credits were dashed under the final rules issued by the Treasury on January 8, and as the natural gas outlook improves, the company has fewer hedges in 2025, and has recently added operational scale via the acquisition of Apex II, Mizuho believes the recent correction may present a buying opportunity, the analyst tells investors in a research note.