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Fly News Breaks for August 13, 2019
Aug 13, 2019 | 07:12 EDT
JPMorgan analyst Jeremy Tonet downgraded Western Midstream Partners to Neutral from Overweight and lowered his price target for the shares to $31 from $40. The analyst says he no longer has visibility into the company's growth following its "surprisingly" lower 2019 EBITDA guidance revision, led by a reduced Delaware growth outlook. Further, the magnitude of the change, combined with the lack of commentary on the year-end exit trajectory, introduces "significant uncertainty" regarding the Delaware and DJ ramp, says Tonet.
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