Equitrans Midstream initiated with a Market Perform at Raymond James

Raymond James initiated coverage of Equitrans Midstream with a Market Perform rating without a price target. The equity has been pummeled in recent trading due to U.S. natural gas price weakness and legal and regulatory challenges to start up the massive Mountain Valley Pipeline and the firm views MVP as more of an "overhang" than a catalyst, the analyst tells investors in a research note. The firm is concerned by high leverage and doesn’t see the in line multiple as a compelling entry point.