Venture Global price target lowered to $11 from $18 at Citi

Citi lowered the firm’s price target on Venture Global (VG) to $11 from $18 and keeps a Neutral rating on the shares. The company’s inaugural 2025 EBITDA guidance came in light of expectations, driven by a combination of commodity assumptions, development costs, and project timing, the analyst tells investors in a research note. The firm also marked-to-market liquified natural gas margin assumptions, now modeling a $7.50 mmbtu spot margin for 2025 versus a prior assumption of nearly $10. Citi cites decreased cash flow estimates for the target cut and says commodity prices are the primary near-term risk to its numbers.