In a research report issued today, Brean Capital analyst Frank Longman introduced some technical analysis on Cheniere Energy, Inc. (NYSE:LNG), as the stock recently faced the heat as a result of major market selloff.
Longman noted, “Before we get to the actual signal and conditions around this call, we think that there is a good chance that LNG has seen the worst of its correction given our impression of the price structure. LNG’s recent ABC correction just tested (ok, it missed by 50c) the 38% retracement back to 2011’s low. That’s a level that we had been expecting to test and that we were looking to buy given LNG’s clear status as a leading stock in its group.” Furthermore, “This price path is very similar to the one we sent out on 8/11 except now, we’ve seen the requisite support test and feel more comfortable looking for long entries.”
On the ratings front, Cheniere Energy has been the subject of a number of recent research reports. In a report issued on August 18, BTIG analyst William Frohnhoefer maintained a Buy rating on LNG, with a price target of $100, which implies an upside of 60% from current levels. Separately, on August 5, Credit Suisse’s Abhiram Rajendran assigned a Buy rating to the stock and has a price target of $86.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, William Frohnhoefer and Abhiram Rajendran have a total average return of 5.8% and 18.0% respectively. Frohnhoefer has a success rate of 38.5% and is ranked #1212 out of 3741 analysts, while Rajendran has a success rate of 77.3% and is ranked #508.
Out of the 4 analysts polled by TipRanks, 3 rate Cheniere Energy stock a Buy, while 1 rates the stock a Hold. With a return potential of 42%, the stock’s consensus target price stands at $88.75.
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