Citi opens ‘positive catalyst watch’ on Equitrans Midstream after selloff

Citi analyst Spiro Dounis opened a “90-day positive catalyst watch” on shares of Equitrans Midstream while keeping a Neutral rating on the name with a $9.25 price target. Equitrans is again pricing in Mountain Valley Pipeline risk following two stays from the Fourth Circuit Court of Appeals, the analyst tells investors in a research note. The firm says a favorable ruling by the Supreme Court could reverse the stock price weakness. Citi expects the company to file emergency appeals to the Supreme Court. Equitrans likely seeks a resolution from SCOTUS by late July for both emergency appeals in order to avoid additional project delays to Spring 2024, says the firm.