Equitrans Midstream double downgraded to Sell at Goldman on MVP delay

Goldman Sachs analyst John Mackay downgraded Equitrans Midstream to Sell from Buy with a price target of $6, down from $9.50. The Mountain Valley Pipeline, or MVP, project "has been, and will continue to be, in our view, the major driver for performance for the stock," said the firm, which has delayed its assumed Mountain Valley Pipeline in-service date by one year until Q4 of 2024. Goldman no longer sees a strong case for MVP completion this year given new regulatory delays and its push out of the in-service assumption drives its EBITDA estimates lower through the medium-term, increases capex needs, and increases leverage.