Oneok upgraded to Outperform from Sector Perform at Scotiabank

Scotiabank upgraded Oneok to Outperform from Sector Perform with a price target of $78, up from $74, following the Magellan acquisition. With the shares off 8% recently, Oneok’s risk/reward is “compelling, particularly against large peers,” the analyst tells investors in a research note. The firm sees upside to synergy capture, leverage trajectory and free cash flow generation versus the management targets.