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Fly News Breaks for March 14, 2019
SMLP
Mar 14, 2019 | 07:40 EDT
Credit Suisse analyst Spiro Dounis downgraded Summit Midstream to Underperform from Outperform and lowered his price target on the shares to $9 from $15. The analyst cited the company's Q4 earnings that highlighted execution and performance issues driven by delays in well commissioning, project in-service dates, and drilling curtailments, adding to a growing list of misses and a lower-than-expected growth outlook. Further, he estimates leverage increases significantly in the near-term, moving above 5.0 times in 2020 as the DPPO payments come due, more asset sales and/or equity are likely needed. Additionally, Dounis notes that Summit Midstream currently trades at a premium on a growth-adjusted EV/EBITDA basis as growth noticeably lags peers.
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