BofA analyst Neel Mitra downgraded Western Midstream Partners to Underperform from Buy with a price target of $27, down from $30. The company’s earnings in 2024 and beyond are uncertain with fewer capital allocation opportunities, the analyst tells investors in a research note. The firm says Western Midstream’s 2024 EBITDA still lacks predictability while capex trends are higher and capital return opportunities are limited.
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