Earnings PerformanceQ4 results missed on lower volumes/margin.
EBITDAAdjusted EBITDA of $890MM was below consensus of $949MM and our estimate of $936MM.
ValuationGiven what we see as limited upside even including foreseeable growth, we don't think the units are priced correctly, leading to a downgrade to Sell as we expect the valuation to drift lower in the coming quarters.