Morgan Stanley analyst Robert Kad double downgraded XPLR Infrastructure (NEP) to Underweight from Overweight with a price target of $13, down from $22. The company’s strategic review fell short of a resolution that could articulate the value proposition for equity investors going forward, the analyst tells investors in a research note. The firm says shareholders were asked to incur “significant near-term pain” for an undefined benefit as there was no growth guidance or specific capital allocation framework. This raises “significant uncertainty” around XPLR’s longer-term strategy, growth potential and functionality, contends Morgan Stanley.
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