SunTrust analyst Welles Fitzpatrick upgraded EQT Corporation to Buy from Hold but lowered his price target to $12, down from $13. The analyst notes that the stock declined about 3% over the past 2 months while the broader Exploration & Production ETF XOP gained 12% and also points to EQT's focus on reducing costs, divesting non-core assets, addressing near-term debt, and generating free cash flows. Fitzpatrick further believes that the company's free cash flows should prove to be "sustainable and growing" and cites the shares trading at a modest discount to its gas group peers.