MDU Resources climbs nearly 4% after JPMorgan raises its price target by $3 on improved Bakken East project outlook.
MDU Resources (MDU) rose 3.9% in Thursday trading after JPMorgan upgraded the stock to Overweight from Neutral and raised its price target to $27 from $24. The firm cited improved visibility on the Bakken East project, which it says offers compelling return potential not yet priced into the stock.
Prior to the upgrade, MDU had traded near the $24 level, reflecting earlier market expectations. The revised target suggests a potential upside of over 12% from current levels, based on the new outlook for the energy infrastructure project.
Shares responded immediately to the analyst note, extending gains in midday trading as investors digested the bullish revision.