Tellurian price target lowered to $3 from $5 at B. Riley

B. Riley lowered the firm’s price target on Tellurian to $3 from $5 and keeps a Buy rating on the shares post the Q1 report. Despite lower domestic natural gas pricing, the firm believes there remains a healthy spread between U.S. and European natural gas pricing that supports the long-term economics of the Driftwood LNG production project. It cites a lower estimated price of Tellurian’s upstream assets and the less certain timing of Driftwood for the target cut.