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Fly News Breaks for January 6, 2020
MPLX
Jan 6, 2020 | 07:52 EDT
Morgan Stanley analyst Stephen Byrd initiated coverage of MPLX with an Overweight rating and $30 price target as part of his broader initiation of coverage of MLPs & Midstream Energy Infrastructure with an In-Line industry view. He sees MPLX having a "very high" free cash flow and distribution yield along with a "solid" balance sheet. He also believes MPLX will convert from an MLP to a C-Corp, which Byrd sees adding a benefit of $3 per unit, or 12% at current unit levels.