ETRN - Equitrans cut to Sell-equivalent at Barclays on growing MVP doubts

Equitrans Midstream ([[ETRN]] -2.8%) tumbles lower as Barclays downgrades shares to Underweight from Equal Weight with a $7 price target, cut from $9, expecting the stock will lag peers until the Mountain Valley Pipeline project is "either flowing gas or it is abundantly clear that MVP has all necessary permits and approvals to proceed."And Barclays analyst Christopher Tillett is far from certain that will happen: "In light of renewed regulatory headwinds to the Mountain Valley Pipeline project and a markedly less-friendly backdrop for oil and gas infrastructure under the Biden administration, we have become less certain that the project will cross the finish line, and until the project is completed or outcome assured, we expect shares of ETRN to underperform."Morgan Stanley sees Equitrans as the energy stock most negatively exposed to regulatory risk because of the Mountain Valley project.

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Equitrans cut to Sell-equivalent at Barclays on growing MVP doubts