Northwest Natural Gas upgraded to Buy from Neutral at Janney Montgomery Scott

Janney Montgomery Scott upgraded Northwest Natural Gas to Buy from Neutral with a fair value estimate of $43, up from $36, after the company reported Q2 results slightly above expectations. While the firm acknowledges that earnings will continue to be pressured by regulatory lag and inflationary pressure until new rates take effect at the start of November, it cites a more favorable outlook for interest rates and the recent P/E multiple expansion for utility equities for its raised target and rating on the shares.