Zacks Investment Research downgraded shares of EQT Corporation (EQT) from OUTPERFORM to UNDERPERFORM on October 09, 2014, with a target price of $80.00.
Ahead of the third-quarter results, we are downgrading our recommendation on EQT Corporation to Underperform from Outperform with a target price of $80.00. The company continues to deliver consistent production growth on the back of its E&P segment. It estimates a 24% hike in gas sales this year, supported by an attractive Appalachian resource potential and an extensive drilling program. Given our cautious outlook for natural gas prices in the near to medium term, we believe all these positives may be drowned out. Additionally, the company's capital budget relies heavily on future cash flows, which is subject to a number of variables.
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