Citi analyst Spiro Dounis downgraded Western Midstream to Neutral from Buy with a price target of $34, up from $30. The analyst cites valuation for the downgrade following the stock’s recent outperformance. With positive factors now largely priced in and the stock trading in line with peers, Western Midstream offers a a more balanced risk/reward trade-off, the analyst tells investors in a research note.
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