Citi analyst Timm Schneider lowered his price target for MPLX to $32 from $40 post the company's merger with Andeavor Logistics. While the analyst keeps a Buy rating on the shares citing an "acceptable" risk/reward profile, he says his Street-low $32 target price also conveys an implied acknowledgment that the investor base "remains weary of G&P heavy businesses." Schneider estimates MPLX will grow its distribution ~5% per annum from $2.69/unit in 2019 to ~$3.49/unit in 2024 at an average coverage ratio of ~1.3 times. The yield proposition remains attractive, says the analyst.