Morgan Stanley upgraded Equitrans Midstream on Sunday, citing progress on the Mountain Valley Pipeline.
Morgan Stanley thinks one natural gas company could add more than 50% to its stock value thanks to progress on a key pipeline. The bank double upgraded Equitrans Midstream Corporation to overweight from underweight on Sunday with a $14 per share price target, double the prior $7. Equitrans stock closed at $9.08 on Friday and has gained nearly 42% since the start of the year.
mountain Equitrans stock has added more than 41% from the start of the year. The company is primarily a gatherer of natural gas that also provides storage and delivery for providers. One of the projects set to benefit Equitrans is the Mountain Valley Pipeline, which will run from West Virginia to southern Virginia. Analyst Robert Kad noted that the passage of the Fiscal Responsibility Act , included terminology that adds to optimism that the MVP is gaining steam and coming closer to reality.
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