BofA raised the firm’s price target on Energy Transfer LP (ET) to $23 from $20 and keeps a Buy rating on the shares. The firm notes that large cap midstream stocks were up 30%-100% in 2024, propelled largely by three themes – a Permian associated gas and natural gas liquids growth uptick; the view that data centers will grow quickly and will likely use gas due to speed to market and reliability; and LNG stock rallies after Trump won the presidential election. The firm’s favorite midstream names into 2025 are Energy Transfer LP and Enterprise Products (EPD), the analyst added in a 2025 year ahead focused on the midstream segment.
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