UGI falls as BofA turns bearish

UGI

23/11/2022 17:14

** Shares of Natural Gas Utilities firm UGI Corp  UGI.N 
fall 3.3% to $39.11
    ** Bank of America downgrades stock to "underperform" from
"neutral"; cuts PO to $41 from $43 
    ** BofA cuts FY23 EPS earnings estimates as it expects co's
divestiture losses and exit from the European energy market to
drag on earnings and cash flow
    ** Brokerage expects challenges ahead for co's International
and AmeriGas Propane segments
    ** Analyst Julien Dumoulin-Smith notes a return to growth at
AmeriGas can be expected in FY24
    ** One of four brokerages rate the stock "strong buy", two
"hold" and one "sell"; their median PT is $40 - Refinitiv
    ** Stock had fallen 14.4% YTD 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))