Raymond James downgraded Western Midstream to Market Perform from Outperform without a price target. Western is one of the best performers in the group this year on its takeout potential as well as solid 2024 guidance and a “surprisingly large” distribution increase, the analyst tells investors in a research note. However, the firm says the company’s new financial strategy “raises some questions.” It believes Western Midstream’s valuation now looks fair.
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Read More on WES:
- Western Midstream price target raised to $34 from $27 at RBC Capital
- Western Midstream downgraded to Neutral from Buy at Citi
- Western Midstream price target raised to $34 from $31 at Wells Fargo
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- Western Midstream reports Q4 EPS 74c, consensus 78c