12:50 AM EDT, 05/10/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target price of $18, up $2, reflects a 7.9x multiple of enterprise value to projected '25 EBITDA, in line with ET's historical forward average. We cut our '24 earnings per unit estimate by $0.08 to $1.52, but lift '25's by $0.05 to $1.75. Q1 earnings per unit of $0.32, vs. $0.32, missed the consensus view by $0.07. Adjusted EBITDA of $3.9B was up $0.5B vs. the year-ago quarter, and ET has now raised its full-year guidance on EBITDA to a revised range of $15.0B - $15.3B (vs. prior $14.5B - $14.8B). Although capex is up to a revised $2.9B in '24 (up from prior $2.5B), we think the incremental spend is tied to NGL capacity that is needed in the market. ET continues to pursue Lake Charles, but with the ongoing freeze on new export licenses, we see that project as years away, at best. The latest quarterly cash distribution, $0.3175 per common unit, implies an annualized yield of 7.8%.