RBC Capital analyst Elvira Scotto lowered her price target on Western Gas Equity (WGP) to $42 from $47 and Western Gas Partners (WES) to $57 from $61. The analyst cites the overhang from Colorado's Proposition 112 making it on the election day ballot for voters to decide whether to increase the minimum distance between new oil and gas drilling and occupied buildings/areas. Scotto notes that this could effectively ban new drilling on 54.5% of surface land and 84.5% of non-federal surface land, leading to production declines as soon as 2020. The analyst keeps her Outperform rating on the shares and cites some mitigating factors, including the government's ability to alter some of the terms in the event of a Yes vote, the 1-year drag of any financial impact on Western Gas, as well as its ability to reallocate some of the impacted DJ Basin capital to other growth areas.