GAS [U-PF -16.2%] - Higher input gas price leads to lower earnings forecast - Update 2016-09-14T17:22:38 Company Research We cut our target price for GAS by 11% and lower our recommendation to U-PF. Although it is trading in line with peers on a P/E basis, higher input gas costs and heavy capex needs will drag on earnings and cash flows over the next few years.