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Equitrans Midstream upgraded at Wells Fargo as MVP gains momentum

Equitrans Midstream (NYSE:ETRN) +6.4% in Wednesday's trading to its best level since January after Wells Fargo upgraded shares to Overweight from Equal Weight with a $13 price target, up from $9, saying the likelihood that the Mountain Valley Pipeline will be placed into service has "substantially increased." Senator Joe Manchin reportedly has secured a commitment from President Biden, Majority Leader Chuck Schumer and House Speaker Nancy Pelosi to allow MVP to be completed through a provision in a separate stopgap funding bill Congress will need to pass in September. Despite Equitrans' (ETRN) 12% spike since the deal was first announced, Wells Fargo analyst Michael Blum said he still sees "compelling" risk/reward at current levels. Construction of the 303-mile natural gas pipeline, which crosses Manchin's home state of West Virginia, has stalled since a U.S. appeals court earlier this year rejected a permit to cross a national forest following a challenge by environmentalists.

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