EnLink Midstream, LLC (ENLC) PT Lowered to $15 at Citi

Citi analyst Spiro Dounis lowered the price target on EnLink Midstream, LLC (NYSE: ENLC) to $15.00 (from $16.00) while maintaining a Buy rating.

The analyst comments "We trim our TP to $15 from $16 to reflect cash flow impacts from delaying CCS commercialization. ENLC's flagship CCS project and related commercialization does not appear to be imminent. Accordingly, we delay project in-service to mid-2026. Management cited unforeseen delays given the nascency of the emerging CCS industry. The Company remains in discussions with its primary customer as well as other potential counterparties. Thus, we continue to ascribe credit for the CCS business but risk the timing (to 2026 from 2025) and initial returns (>8x)."

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