Enterprise Products reinstated with a Buy at BofA

BofA analyst Jean Ann Salisbury reinstated coverage of Enterprise Products with a Buy rating and $35 price target Enterprise can maintain market share in Permian NGL growth and added “much needed” LPG/ethane export capacity for another roughly $300M-$400M over the next three years, while potential cash flow payout is “enormous” if capex slows at the end of this buildout, which it should, the analyst tells investors.