Expand Energy initiated with a Hold at TD Cowen

TD Cowen initiated coverage of Expand Energy (EXE) with a Hold rating and $108 price target With the shares up 18% in the last month, TD sees a more balanced risk/reward for the Expand Energy, the largest natural gas producer in U.S. with gas pricing for 2025 exceeding the firm’s measure of incentive economics, the analyst tells investors in a research note. The firm says Expand’s path to deleveraging is “quite clear” and the shares now imply a 9% free cash flow at strip gas.