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Crestwood Equity downgraded to Neutral from Overweight at JPMorgan
The Fly

Crestwood Equity downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Jeremy Tonet downgraded Crestwood Equity to Neutral from Overweight with a price target of $28, down from $31. The analyst cites the company’s "weaker execution" and less financial flexibility for the downgrade. Crestwood’s "weak" 2023 outlook, following prior EBITDA guide-downs and misses, leads the firm to lower EBITA estimates. It believes the company’s Bakken growth is slower than expected. In addition, Crestwood ‘s balance sheet and financial flexibility screens among the lowest in the group, given its relatively higher leverage and rate sensitivity, contends JPMorgan.

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