Recently Published Research

Research evidence excerpt

Recently Published Research

Equity Research

May 12, 2026

Coverage Initiations Equity Research Department

Utilities and Power

AQN (Equal Weight) Initiating at Equal Weight, $7 PT | Shahriar Pourreza

CPK (Equal Weight) Initiating at Equal Weight, $132 PT | Constantine Lednev

CPX-CA (Equal Weight) Initiating at Equal Weight, C$70 PT | Shahriar Pourreza

HTO (Equal Weight) Initiating at Equal Weight, $60 PT | Shahriar Pourreza

NJR (Overweight) Initiating at Overweight, $63 PT | Constantine Lednev

NWN (Underweight) Initiating at Underweight, $50 PT | Constantine Lednev

OGS (Underweight) Initiating at Underweight, $85 PT | Constantine Lednev

SR (Overweight) Initiating at Overweight, $96 PT | Constantine Lednev

SWX (Overweight) Initiating at Overweight, $105PT | Constantine Lednev

UGI (Overweight) Initiating at Overweight, $46 PT | Constantine Lednev

UTL (Equal Weight) Initiating at Equal Weight, $56 PT | Constantine Lednev

Rating Changes

none

Price Target Revisions

Consumer

Consumer: Thoughts Ahead of Big Box Earnings; Prefer TGT while BJ Carries the Most

Risk | Edward Kelly

Energy

GEL (Overweight) Post Q1 Update; GoM Ramp Delayed—Lowering PT &

Estimates | Michael Blum

HASI (Overweight) Post Q1 Update - Raising Estimates & PT - Stay Positive on Robust

Pipeline | Praneeth Satish

Energy: PAA/PAGP: Post Q1 Update—Raising PT—Crude Guide Hiked—Further Upside If

Macro Holds | Michael Blum

Financial Services

Financial Services: Life Insurance: Model Updates (CRBG, EQH, LNC, MET, PRU, RGA,

VOYA) | Wes Carmichael

FSK (Equal Weight) FSK: Cut & Raise | Finian O'Shea

PSEC (Underweight) Recap: Divvy Stalls | Finian O'Shea

Health Care

LQDA (Overweight) Yutrepia Beat Strengthens the Case for Share Capture; We Think

Momentum Continues (1Q26 Update) | Benjamin Burnett