Truist analyst Neal Dingmann downgraded Crestwood Equity (CEQP) to Hold from Buy with a price target of $28, down from $31, the merger announcement with Energy Transfer LP (ET). The firm states that it favors the deal given the much larger pro-forma company will benefit by improved growth prospects driven by increased scale and diversification that will lead to higher shareholder return and cheaper debt, even though the company had turned the financial and operational corner, with ample 2024 opportunities, the analyst tells investors in a research note.
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Read More on CEQP:
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- Crestwood Equity downgraded to Equal Weight from Overweight at Wells Fargo
- Crestwood Equity (NYSE: CEQP) Gains after Acquisition by Energy Transfer in a $7.1 Billion Deal
- Energy Transfer LP to acquire Crestwood Equity in $7.1B all-equity transaction