Credit Suisse Starts CONE Midstream Partners, LP (CNNX) at Outperform (Earlier)

Credit Suisse earlier initiated coverage on CONE Midstream Partners, LP (NYSE: CNNX) with an Outperform rating and a price target of $35.00.

Analyst John D. Edwards said, "CNNX’s initial phase of growth will be driven by volumetric growth on 496,000 net acres dedicated to it by the sponsors in the Marcellus. Our model assumes ~$100mm in annual organic spend at CNNX. Specifically, we estimate gathering throughput of ~3,000 Bbtu/d at the end of 2019. The next leg of growth will be fueled by dropdown of CONE’s interest in Anchor (25%), Growth (95%) and Additional (95%) gathering systems. We model ~$3.3 billion of dropdowns from 2018 through 2024 based on a 9x EV/EBITDA multiple, translating to ~$330-370mm in EBITDA."

For an analyst ratings summary and ratings history on CONE Midstream Partners, LP click here. For more ratings news on CONE Midstream Partners, LP click here.

Shares of CONE Midstream Partners, LP closed at $27.03 yesterday.

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