Summit Midstream initiated with an Outperform at Noble Capital

Noble Capital analyst Mark Reichman initiated coverage of Summit Midstream (SMC) with an Outperform rating and $47 price target The diversified midstream operator focused on developing, owning, and operating strategically located natural gas, crude oil, and produced water infrastructure across several key U.S. unconventional resource basins has a diversified footprint that provides exposure to multiple producing regions, the analyst tells investors. Summit is positioned for value creation driven by operating leverage across its portfolio, with ample spare capacity that enables incremental volume growth with minimal capital investment, the analyst contends.