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Fly News Breaks for August 19, 2019
SMLP
Aug 19, 2019 | 09:05 EDT
RBC Capital analyst Elvira Scotto lowered her price target on Summit Midstream to $6 and kept her Sector Perform rating after the company reduced its FY19 adjusted EBITDA outlook to the low end of prior $295M-$315M guided range. The analyst notes that Summit Midstream's appointment of a new CEO is a positive given his expertise in the overlapping with Crestwood Equity (CEQP) Bakken, Permian, and Marcellus region, but she is "struggling" with the company's high leverage in the absence of any planned asset sales.
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