Energy Transfer LP initiated with a Hold at Jefferies

Jefferies analyst Julien Dumoulin-Smith initiated coverage of Energy Transfer LP (ET) with a Hold rating and $17 price target The firm’s Hold thesis is driven by a lack of absolute growth in natural gas, headwinds facing the NGLs business amid a weaker oil macro and increasing Permian NGL competition and an absence of catalysts that could drive an upward re-rating, the analyst tells investors.