Energy Transfer LP initiated with an Outperform at Scotiabank

Scotiabank analyst Brandon Bingham initiated coverage of Energy Transfer LP (ET) with an Outperform rating and $23 price target The company offers exposure to all major hydrocarbon streams, which creates a diversified and resilient earnings base spanning the lower 48 states, the analyst tells investors in a research note. The firm sees “sizeable” unit upside from Energy Transfer’s earnings growth “from both near-term and future thematic demand-pull sources.”