Energy Transfer LP price target lowered to $22 from $23 at BofA

BofA lowered the firm’s price target on Energy Transfer LP (ET) to $22 from $23 and keeps a Buy rating on the shares. The firm is updating its price targets for Integrated, Refining, and Midstream stocks under its coverage, the analyst tells investors. Following a two-year stint where midstream companies were incentivized to grow, the firm believes investors will return to looking for return of cash as the primary metric, with the ability to reduce growth in capex and provide buybacks or increased dividends being prized.