Western Midstream reinstated with an Underperform at BofA

BofA reinstated coverage of Western Midstream with an Underperform rating and $37 price target The firm believes midstream consolidation is in its final innings as the NGL integrateds now dominate and views many remaining companies – like Western- as not attractive targets due to General Partner ownership or dominant affiliate EBITDA. The firm expects to see these smaller companies underperform as acquisition premia fade away, the analyst tells investors.