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Monday, Sep 30
EQT Midstream started with a Buy rating at Goldman Sachs
- EQT Midstream Partners (EQM +0.3%) is initiated with a Buy rating and $59 price target at Goldman Sachs, which cites EQM's FERC-regulated pipeline and storage assets offering stable, low-risk fee-based cash flows supported by firm long-term contracts.
- A robust production outlook in the Marcellus and meaningful inventory of dropdown assets at the parent enhances distribution growth visibility, the firm says.
- EQM has a low cost of capital, no debt outstanding, high liquidity and an aligned sponsor that should bolster the partnership's multi-year double-digit distribution growth outlook, Goldman concludes.