Increasing Our Tallgrass FVE to $28 From $25.50 After 2Q
After taking a deeper look into Tallgrass' earnings and its revised reporting given the recently closed simplification transaction, we have boosted our fair value estimate to $28 per share from $25.50. Our narrow moat rating is unchanged. The main changes to our forecast include boosting our expectations around Pony Express volumes to average 343,000 barrels per day for 2018 from below 300,000 previously, and our expectations for REX contributions to $376 million compared with $336 million previ...
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