As reported earlier, Argus analyst Jacob Kilstein upgraded Sempra Energy to Buy from Hold with a $119 price target, citing anticipated earnings accretion from the recent purchase of a majority stake in Oncor, favorable regulations, and the growing base rate at its California utilities. The analyst also points to Sempra Energy's "above-peer-average sales, margins, and earnings" along with its prospects for continued strong growth, stating that this profile justified the premium 18.7-times FY18 EPS estimate valuation on the stock vs. 17.3-times for comparable utilities. Kilstein adds that his dividend discount model anticipates accelerated dividend payouts once the exports of LNG commence.