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Western Midstream cut to equivalent Sell in Wolfe ahead of another light quarter

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Western Midstream Partners (NYSE:WES) teetered between small gains and losses in trading Wednesday, as Wolfe Research downgraded the stock to Underperform from Peer Perform with a target price of $25, cautious ahead of another likely disappointing Q2 result.

Wolfe’s Keith Stanley said he sees Western Midstream (WES) tracking low full year-end EBITDA guidance on weaker natural gas liquids prices, downside risks to volume growth, and higher costs, which follow recent challenges with FY’s EBITDA The 2022 comes in at the lower end of the guidance range as well as the soft Q1.

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