Excelerate Energy downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Devin McDermott downgraded Excelerate Energy (EE) to Underweight from Equal Weight with a price target of $29, up from $25. The shares have risen 65% over the past six months and now trade above Morgan Stanley’s estimate of fair value for the company’s existing assets, the analyst tells investors in a research note. The firm says that while Excelerate is a high-quality business that serves as a key global liquified natural gas “demand enabler,” it does not believe the stock should reflect value for pre-final investment decision growth prospects until there is a clearer track record of execution.