Goldman Sachs analyst John Mackay downgraded Equitrans Midstream to Sell from Buy with a price target of $6, down from $9.50. The Mountain Valley Pipeline, or MVP, project "has been, and will continue to be, in our view, the major driver for performance for the stock," said the firm, which has delayed its assumed Mountain Valley Pipeline in-service date by one year until Q4 of 2024. Goldman no longer sees a strong case for MVP completion this year given new regulatory delays and its push out of the in-service assumption drives its EBITDA estimates lower through the medium-term, increases capex needs, and increases leverage.
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Published first on TheFly
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Read More on ETRN:
- Equitrans Midstream downgraded to Equal Weight from Overweight at Wells Fargo
- Equitrans Midstream initiated with a Neutral at Citi
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