Energy Transfer (ET) PT Raised to $25 at Jefferies

Jefferies analyst Julien Dumoulin-Smith raised the price target on Energy Transfer (NYSE: ET) to $25.00 (from $23.00) while maintaining a Buy rating.

The analyst comments "Robust 3Q update with headline beat and raise. South Mississippi project FID in the spot light with $1.6Bn CapEx and 6x base return. Yet, the value accretion resides in the system-wide unlock through moving gas from a diverse set of basins through ET's pipe into the SE demand hub; see build multiple to compress to 4-5x. PNW IRP filings codifies further gas growth in AZ. NGL outlook continues to improve, establishing a favorable fundamental outlook for ET. Buy."

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