As previously reported, Wells Fargo analyst Michael Blum downgraded Shell Midstream to Underweight from Equal Weight with a $20 price target. The analyst cited the continued overhang from IDRs and the potential for an IDR elimination transaction that favors the sponsor over the MLP, the partnership's full valuation and tight coverage and high exposure to offshore Gulf of Mexico. Headline risk around a potential federal ban on offshore drilling could increase in 2020 as several of the Democratic Presidential candidates have stated policies to ban drilling in federal waters, Blum adds.