Energy Transfer LP price target raised to $21 from $20 at Wells Fargo

Wells Fargo analyst Michael Blum raised the firm’s price target on Energy Transfer LP (ET) to $21 from $20 and keeps an Overweight rating on the shares. The firm remains bullish on the natural gas data center theme but is overall cautious on midstream in 2025, citing full valuations and expectations for range-bound commodity prices. Natural gas pipeline stocks should maintain their premium and could see potential further multiple expansion driven by higher terminal values and increased capex on high return data center growth projects, Wells tells investors in a research note.