EQT Corporation downgraded to Neutral from Buy at Citi

Citi analyst Paul Diamond downgraded EQT Corporation to Neutral from Buy with a price target of $40, down from $60. The analyst cites EQT’s geographic concentration in the Appalachian basins and the associated pricing risk, combined with inflationary pressures for the downgrade. Diamond does not expect a further re-rating for U.S. oil explorers in 2023.