Investing.com — Mizuho (NYSE:) reiterated its “outperform” rating AGAIN Corporation (NYSE: ) and raised its price target to $33, citing potential value unlocking through operational improvements and growth in its midstream and utilities businesses.

The brokerage noted that while UGI shares have rallied since the company’s fourth-quarter earnings call, there is more room for upside. New CEO Bob Flexon’s focus on strengthening AmeriGas and addressing the valuation gap has been well received, Mizuho said.

AmeriGas, which continues to trade for less than the expected amount of equity, remains a key factor. Potential asset sales or operational stabilization could act as catalysts, the company added.

Mizuho said the sum-of-the-parts valuation for UGI exceeds current trading prices, albeit under conservative assumptions.