Expand Energy price target raised to $115 from $100 at Citi

Citi analyst Paul Diamond raised the firm’s price target on Expand Energy (EXE) to $115 from $100 and keeps a Buy rating on the shares. The firm says midstream performance in 2024 suggests that energy is investable again. However, for exploration and production companies, the challenge is that crude markets still appear well-supplied, the analyst tells investors in a research note. Thus, Citi feel it “appears premature” to be bullish crude leverage, but notes the business climate and buybacks “should act as shock absorbers if crude deflates.”