Wells Fargo raised the firm’s price target on Energy Transfer LP (ET) to $22 from $21 and keeps an Overweight rating on the shares. The firm notes the company significantly raised 2025 capex on a growing organic backlog. Wells is also raising its long-term distrib CAGR estimate to 5% from 4%. Energy Transfer LP is priced to deliver 12% annual total return, which should drive outperformance, the firm adds.
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