Energy Transfer LP price target lowered to $21 from $23 at Scotiabank

Scotiabank lowered the firm’s price target on Energy Transfer LP (ET) to $21 from $23 and keeps an Outperform rating on the shares. The company is updating its price targets for U.S. Midstream stocks under its coverage, the analyst tells investors. The firm notes Q3 earnings highlighted the natural hedge provided by diversification and scale, as companies with multiple business lines, multi-basin exposure, or having the largest footprint within a basin mitigated the impacts of an uncertain macro and volatile/declining commodity prices.