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Crestwood Equity upgraded to Overweight from Equal Weight at Wells Fargo
The Fly

Crestwood Equity upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo analyst Ned Baramov upgraded Crestwood Equity to Overweight from Equal Weight with an unchanged price target of $35. The analyst is positive on midstream heading in 2023, believing the sector’s "solid" underlying fundamentals, "reasonable" valuations, and improved free cash flow should support outperformance on a relative basis. A combination of continued producer discipline should limit supply growth, which combined with OPEC+ action, should provide a floor for oil prices, Wells analysts tells investors in a research note. They expect a rebound in natural gas liquid demand as China re-opens, and for U.S. liquefied natural gas demand to stay robust buoyed by Europe and China. Wells makes a host of rating changes to reflect an emphasis on these themes "overlaid by relative valuations."

Published first on TheFly

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