Sempra Energy reinstated with a Buy at BofA

BofA reinstated coverage of Sempra Energy with a Buy rating and $94 price target as the firm reinstated coverage on three California utilities. Sempra share performance “often gets caught up in headline noise related to LNG,” despite the export business contributing less than 10% to the firm’s price target, the analyst tells investors. The firm thinks value lies in the regulated utilities in California and Texas, the analyst added.