In a report published Thursday, Hillard Lyons reiterated its long-term Buy rating on Piedmont Natural Gas (NYSE: PNY) and raised its price target by $1 to $36.
Hillard Lyons reported that, “Since turning bullish on Piedmont ~2 months ago, not much has changed with the story, in our view, and we believe our thesis points/catalysts remain intact. Though not quite to the extent we anticipated, weather provided a slight tailwind in Q1, and we believe the same can hold through Q2. Customer growth remains somewhat muted, but the trend is encouraging, and we believe customer additions present a slight element of upside optionality to our estimates. Finally, but perhaps most importantly, the Sutton project is on-schedule to be in-service during fiscal Q3. Taking these ideas in tandem we believe the conversation remains positive surrounding Piedmont and are comfortable adding to positions at current levels.”
Shares of Piedmont Natural Gas closed at $32.98 on Wednesday.
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Tags: Hilliard Lyons
Posted in: Analyst Color, Price Target, Analyst Ratings