Morgan Stanley initiated coverage of Expand Energy (EXE) with an Overweight rating and $127 price target amid a broader research note on the North American E&Ps. Expand Energy is differentiated by leading scale in the Haynesville and attractive free cash flow growth from rising prices and volumes in 2025-26 as deferred wells are brought online and synergies are realized, the analyst tells investors. Expand is well positioned to answer the call on the next growth cycle of U.S. gas supported by a diverse transportation portfolio and direct access to the Gulf Coast LNG corridor, Morgan Stanley adds.
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