Wells Fargo analyst Michael Blum downgraded MPLX to Equal Weight from Overweight with a $28 price target as part of a broader research note on Midstream C-Corps. In a research note to investors, the analyst says he prefers Canada over the U.S. given a better fundamental midstream outlook north of the border and would avoid names with meaningful Northeast G&P exposure. With low natural gas and NGL prices, we see growing E&P counterparty risk to Northeast midstream, creating headwinds to performance for companies with meaningful northeast G&P exposure, the analyst says. He is now Overweight all Canadian midstream names under coverage, Underweight all pure-play Northeast G&P companies, and Equal weight on large cap pipeline companies with significant Northeast G&P exposure.