Sempra Energy started at Buy at UBS

Sempra Energy (SRE +0.4%) is initiated with a Buy rating and a $106 price target at UBS, which likes SRE's involvement in every attractive angle of energy infrastructure, with the bulk of growth tied to liquefied natural gas exports through its Cameron facility on the Gulf coast and Mexican energy reforms.

The firm believes SRE's underlying core utility business in southern California also is well positioned to benefit from ever-expanding state energy policies, including storage, improved pipeline safety and hefty renewables ambitions.

UBS thinks SRE can readily achieve a 10% EPS compound average growth rate through 2019, meaningfully above utility peers at ~4%.

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