Wells Fargo Downgrades Noble Midstream Partners LP (NBLX) to Market Perform

Wells Fargo analyst Praneeth Satish downgraded Noble Midstream Partners LP (NYSE: NBLX) from Outperform to Market Perform with a price target of $37.00 (from $49.00).

The analyst steps aside citing uncertainty on the upcoming CO setback vote.

The analyst comments "We view the vote on November 6th as a highly binary event for NBLX. If Proposition 112 fails to pass, we think NBLX is worth $49/unit. Alternatively, if Proposition 112 passes (and both Amendment 74 fails to pass and no offsetting legislation is introduced), we think NBLX would be worth ~$24/unit. Accordingly, we see roughly equivalent upside / downside from current levels depending on the November election. We would stress that the energy industry is pouring considerable resources into educating voters as to the impact that reduced drilling would have on the Colorado economy. However, with limited polling data available, we
believe taking a cautious approach heading into the November 6 election is prudent."

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

Shares of Noble Midstream Partners LP closed at $37.02 yesterday.

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