As previously reported, BofA/Merrill upgraded Energy Transfer Equity (ETE) to Buy from Neutral and raised its price target to $20 from $17. Analyst Dennis Coleman said on the Q1 call, management provided improved visibility surrounding the consolidation of Energy Transfer Equity (ETE) and Energy Transfer Partners (ETP) and said it could take the form Energy Transfer Equity rolling up Energy Transfer Partners without any C-Corp structure. Coleman has increased confidence the consolidation will happen in 2019 and will improve the leverage outlook of the company.