Wells Fargo upgraded Equitrans Midstream (ERN) to Equal Weight from Underweight with a price target of $12, up from $10. The analyst cites the proposed merger with EQT Corporation (EQT) for the upgrade. The firm still likes the deal after the selloff in EQT and say it implies a takeout offer of $12 per share. Wells does not expect another bidder to emerge for Equitrans Midstream and sees low regulatory risk.
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