Is Energy Transfer Stock Going to $22? 1 Wall Street Analyst Thinks So.
Investment bank UBS recently adjusted its price target on midstream giant Energy Transfer (NYSE: ET). While it trimmed the target from $23 per unit to $22, it maintained its buy rating. That slightly lowered price target still implies that the master limited partnership (MLP) has a massive upside. The revised target is more than 50% above the current unit price.
The investment bank made the tweak following Energy Transfer's fourth-quarter earnings report. Energy Transfer set several quarterly operational records and expects strong earnings growth in 2024. Here's a look at whether the MLP has the fuel to rally more than 50% this year.
Energy Transfer is coming off a strong year in 2023. Its earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 5% last year to $13.7 billion. That was $100 million higher than the top end of its guidance range. It puts the MLP's valuation at around 8 times its EBITDA, near the bottom of its peer group:
Source Fool.com
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