Crestwood Equity downgraded to Neutral from Buy at Citi

Citi analyst Spiro Dounis downgraded Crestwood Equity to Neutral from Buy with a price target of $28, down from $30. The analyst trimmed EBITDA estimates following Crestwood’s recent results miss and guidance downgrade. Execution is a focus point among investors and the recent miss “likely drives others to risk the outlook,” the analyst tells investors in a research note. In addition, the company’s leverage “may be higher for longer which could delay capital returns,” says the firm.