EnLink Midstream upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo analyst Praneeth Satish upgraded EnLink Midstream to Overweight from Equal Weight with a price target of $17, up from $13. EnLink Midstream could be a beneficiary of a growing overbuild in Permian NGL pipes and could see roughly $110M per year of EBITDA upside from NGL pipe recontracting over the next 3-5 years, the analyst tells investors in a research note. In addition, EnLink’s free cash flow guidance could be increased to reflect lower CapEx, and extra free cash flow could go to buybacks, Wells says.