JPMorgan upgraded Venture Global to Overweight from Neutral with a price target of $17, up from $16. The Middle East conflict has reset the liquefied natural gas supply/demand backdrop, the analyst tells investors in a research note. The firm says the war has induced "significant volatility" and underscored the importance of "diversified energy supply security." JPMorgan believes the market underappreciates elevated LNG volatility continuing. Geopolitical developments are playing into Venture Global's strengths, which should drive "outsized" margin capture and medium- and long-term contracting, contends the firm.
