Mizuho lowered the firm’s price target on Western Midstream to $34 from $35 and keeps a Buy rating on the shares after the company agreed to acquire privately held Meritage Midstream Services for $885M in cash. The deal’s merits should help distract from the “poor optics” of Western Midstream’s Q2 update, the analyst tells investors in a research note.
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- Western Midstream acquires Meritage Midstream for $885M in cash
- Western Midstream price target lowered to $30 from $32 at Citi
- Western Midstream downgraded to Equal Weight from Overweight at Wells Fargo
- Western Midstream downgraded to Neutral from Overweight at JPMorgan
- Western Midstream lowers 2023 adjusted EBITDA outlook to $1.95B-$2.05B