Wells Fargo upgraded Genesis Energy (GEL) to Overweight from Equal Weight with a price target of $18, up from $15. Following the soda ash sale, Genesis has “visible” EBITDA growth tied to a Gulf of Mexico volume ramp and a “robust” free cash flow yield, the analyst tells investors in a research note. The firm says the company’s free cash flow will be used in the near-term to de-lever with potential for distribution growth acceleration. Wells believes Genesis has “significant” financial flexibility.
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