Sable rises; JP Morgan initiates coverage with 'overweight'

By Reuters News

** California-based oil and gas company Sable Offshore Corp SOC.N up 3.95% at $3.42 premarket

** JP Morgan initiates coverage with "overweight" rating and a PT of $10, says stock is undervalued

** Brokerage says co's offshore oil fields can reduce the spending needed to maintain production and support cash flow

** SOC can keep producing oil despite regulatory challenges, with federal support helping it maintain access to its pipeline and crude sale - JP Morgan

** Five of 6 brokerages rate the stock "buy" or higher, and one "hold"; median PT is $10 - data compiled by LSEG

** As of last close, stock has fallen 23.09% YTD

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