Western Midstream price target lowered to $38 from $39 at RBC Capital

RBC Capital analyst Elvira Scotto lowered the firm’s price target on Western Midstream (WES) to $38 from $39 and keeps a Sector Perform rating on the shares. The company’s Q1 results were generally in line with expectations, but while Western Midstream has not seen significant changes in well counts or production outlooks from its customer base, given the uncertainty around crude oil prices, the firm is adjusting its estimates, the analyst tells investors in a research note.