Gabelli analyst Matthew Trusz initiated coverage of the liquefied natural gas, or LNG, market, stating that demand will significantly exceed current supply by 2025, led by Chinese growth. Cheniere Energy (LNG), the only public pure-play LNG developer with operating liquefaction facilities, is undervalued, but Cheniere Energy Partners (CQP) is overvalued, said Trusz, who started the former at Buy and the latter at Sell. The partnership has limited opportunity for expansion and incremental EBITDA will "flow disproportionately to its general partner," Trusz tells investors in his initiation note.