Western Midstream price target raised to $35 from $34 at Mizuho

Mizuho analyst Gabriel Moreen raised the firm’s price target on Western Midstream to $35 from $34 and keeps a Buy rating on the shares. The “quicker than anticipated” backlog addition reduces Western’s free cash flow outlook in fiscal 2023 and lowers the likelihood of a Q1 of 2024 enhanced distribution, the analyst tells investors in a research note. However, it does little to alter the firm’s view of the partnership’s modest capex needs and free cash flow outlook, says Mizuho.