Stifel analyst Timothy Howard cut his price target on Dominon Energy Midstream Partners (DM) to $25 from $35 following an announcement by FERC that impacts MLPs owning interstate pipelines. In a research note to investors, Howard said the company's Questar assets, Carolina Gas Transmission and 25% ownership of Iroquois are likely to be affected by FERC's announcement, with management noting the cash flow decline could be in excess of 10% of current EBITDA run rate. The analyst believes Dominion can overcome the decline given a large dropdown backlog, the financing of the transactions becomes "more burdensome" with its current equity price. Howard maintained his Buy rating "as we believe Dominion Inc. (D) will step in as a supportive parent," as it has levers to support Dominion Midstream, such as lowering dropdown multiples and directly purchasing equity to remove public markets.