12:25 AM EST, 11/03/2025 (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 remains $34, a 10.2x multiple of enterprise value to projected 2026 EBITDA, slightly above EPD's historical forward average, but merited by rising demand for midstream assets. We cut our 2025 earnings per unit estimate by $0.03 to $2.63 and 2026's by $0.10 to $2.88. EPD is in the midst of harvesting the fruits of a sizable growth capex effort, with $7.6 billion of midstream projects in the backlog, $6.0 billion of which are expected to go into service in 2025. The capex needed to fund these efforts likely peaks this year in the $4.0 billion to $4.5 billion range, before dropping almost 50% in 2026. As a result, we think EPD can be somewhat nimble about responding to changes in the macroeconomic environment because projects on paper that could be indirectly hurt by U.S. tariffs can be shelved before approving a final investment decision. We do note some risk from new entrants in LPG exports, but EPD's extensive network should give it a degree of protection in the market.