NEXT - Why NextDecade Stock Trounced the Market on Tuesday
2023-08-15 18:50:33 ET
Liquefied natural gas (LNG) company NextDecade 's (NASDAQ: NEXT) stock was the next big thing for many investors on Tuesday. They sent its price up by nearly 7% following a rather bullish new analyst take on the energy specialist. That was more than good enough to beat the performance of the S&P 500 index, which slipped by 1.2% on the day.
Well before market open, Benjamin Nolan at Stifel upgraded his recommendation on NextDecade stock. He now views the LNG company's shares as a buy, where formerly he had a neutral stance. He also raised his price target to $9 per share from the preceding $7.50.
Nolan is particularly encouraged by a recent move by NextDecade. Last month, the company announced that it made a final investment decision (FID) to build three liquefaction trains at its Rio Grande export facility located in Texas. This is the first phase of an expansion of its business.
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Why NextDecade Stock Trounced the Market on Tuesday