UBS downgraded EnLink Midstream (ENLC) to Neutral from Buy with an unchanged price target of $16. Post Oneok’s (OKE) bid and control of its 43% stake, UBS does see another buyer looking to get into EnLink, the analyst tells investors in a research note. While the firm does not rule out Oneok paying a control premium to acquire the rest of EnLink, it has no visibility on what that premium could be and as a result sees limited upside in the shares.
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