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Fly News Breaks for September 10, 2019
OGS
Sep 10, 2019 | 07:17 EDT
UBS analyst Aga Zmigrodzka upgraded One Gas to Neutral and raised her price target to $90 from $84, saying that the current low interest rate environment balances the upside/downside skew as the company has been able to reduce its regulatory lag and boost its "rate base growth" in the past. The analyst notes that the local distribution companies are typically defensive and their valuations increase during low-rate periods, adding that the last time the yield on the 10-year treasury was 1.5%, the stock traded at 25- to 26-times earnings vs. the current multiple of 24.5-times.
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