Raymond James analyst Justin Jenkins started coverage of Tellurian with an Outperform rating and $12 price target. As the shifting global energy environment unfolds, low-cost U.S. natural gas stands out as a disruptive theme with unique investment characteristics, the analyst contends, adding that his macro outlook further supports the U.S. LNG export growth theme. Jenkins thinks Tellurian is well-positioned to capitalize on the opportunity set for growth. While some investors view Tellurian as a "binary" story, he thinks that view is overly simplistic, and sees several scenarios for value creation.