Western Midstream price target raised to $34 from $27 at RBC Capital

RBC Capital analyst Elvira Scotto raised the firm’s price target on Western Midstream to $34 from $27 and keeps a Sector Perform rating on the shares. The company reported “solid” Q4 results, provided 2024 guidance that was slightly above expectations, and also significantly increased its base distribution, the analyst tells investors in a research note. RBC adds that its higher price target reflects Western Midstream’s higher earnings outlook and multiple expansion given the company’s significantly stronger balance sheet and highly visible more diversified cash flow stream.