UPDATE: Credit Suisse Reinstates Coverage on Cheniere Energy with Neutral Rating, $48 PT on Reasons for Caution

In a report published Tuesday, Credit Suisse analyst Abhiram Rajendran reinstated coverage on Cheniere Energy LNG with a Neutral rating and $48.00 price target. In the report, Credit Suisse noted, “We believe that LNG is currently pricing in a decent amount of the CQP story, including strong likelihoods of the SPL expansion and the Corpus Christi project. We believe LNG would be a mid $50's stock in 12 months if SPL Trains 5-6 are a certainty with cash flows at the high end of mgmt guidance, and Corpus Christi is a certainty and we assume volumes are fully sold, but with a lot of this is in the distant future and enough risks at the moment to consider including 1) SPL Trains 1-4 project risks, 2) SPL expansion/CC contracting/approval risks, and 3) financing risks, we are staying Neutral for now.” Cheniere Energy closed on Tuesday at $43.30.