Reducing Andeavor Logistics' FVE due to Dimmer 2019 Outlook
With the recent decline in commodity prices, we are reducing Andeavor Logistics' fair value estimate to $39.50 from $45 per unit, while maintaining our narrow moat rating. Facing a dimmer 2019 outlook, thanks to its percent of proceeds contracts on its G&P assets, we think the impetus is on the partnership to execute a quick sale to MPLX so it can undertake a broader restructuring and reset investor expectations. Absent a sale, we think the partnership faces a challenging outlook with rising...
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