BMO Capital analyst Danilo Juvane lowered his price target on SemGroup to $17 after its Q4 results, saying that while the company's EBITDA was in line with consensus, the company's high leverage keeps him on the sidelines with a maintained Market Perform rating. The analyst further points to SemGroup's "imminent challenges" around the WhiteCliffs and Cushing crude storage re-contract efforts, though he also sees opportunity with its portfolio optimization and Gladiator pipeline that would "provide a capital efficient solution for Rockies production". Juvane notes that more detail on Gladiator may be announced later this month.