Raymond James analyst J.R. Weston initiated coverage of Western Midstream with an Outperform rating and $34 price target. Western Midstream is a classic example of overreacting to disappointments around 4Q22 results and the 2023 outlook, and Raymond James views Western Midstream as one of the more heavily discounted multiples under coverage, despite a healthy balance sheet and the potential for both "enhanced" distributions and buybacks over the next several years, the analyst tells investors in a research note. The firm sees room for a re-rating or upside revisions if the DJ basin gets close to the turnaround story management asserts.
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