Western Midstream price target raised to $37 from $36 at BofA

BofA raised the firm’s price target on Western Midstream (WES) to $37 from $36 and keeps an Underperform 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 (ET) and Enterprise Products (EPD), the analyst added in a 2025 year ahead focused on the midstream segment.