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Fly News Breaks for November 3, 2019
Nov 3, 2019 | 18:48 EDT
Goldman Sachs analyst Michael Lapides upgraded Oneok to Buy from Neutral with an $81 price target following the company's strong Q3 earnings report. The analyst noted that his estimates for 2020-2022 are 5% above consensus on average. Lapides said he sees additional upside in Oneok shares, as he expects "robust returns on new NGL pipeline projects," and an "inflection in cash flow as new projects come online and capital spend moderates," which he sees "driving leverage lower, and potentially increasing capital allocation to shareholders."
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