Morgan Stanley analyst Stephen C Byrd resumed coverage of Sempra Energy with an Equal Weight rating and $120 price target, as he currently sees too much uncertainty to fully include growth opportunities outside the company's base plan in his base case scenario. However, he notes that he sees the potential for significant additional upside from growth opportunities, such as Cameron LNG expansion, greater growth in California and South America, potential growth through the company's majority ownership stake in a leader in the Mexican energy sector, and the potential a buyer may value the LNG business at a lower cost of capital than he has applied.