LNG - Cheniere Energy raised to Street-high $115 price target at Citi

Cheniere Energy ([[LNG]] +1.7%) is maintained with a Buy rating but with an upsized Street-high $115 price target, raised from $95, that could climb to at least $130, Citi analysts say, also initiating a pair trade with Neutral-rated Cheniere Energy Partners ([[CQP]] +0.0%).The upcoming decision on the Corpus Christi Stage 3 project "could come to define the next leg of the Cheniere narrative," Citi says, believing consensus capex estimates through 2024 do not reflect the project and could be $5B-plus too low.A go-ahead on the project would be a positive, Citi says, rejecting the bear argument that Cheniere is exposed to contract rate re-negotiations or cancellations on the contracted portfolio.With declining capex and rising cash flow from operations, Cheniere Energy should start generating robust levels of free cash flows from this year, Sarfaraz A. Khan writes in an analysis published on Seeking Alpha.

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Cheniere Energy raised to Street-high $115 price target at Citi