Multiple Firms Bullish On CONE Midstream Shares Following Lockup Expiration

Shares of CONE Midstream Partners LP (NYSE: CNNX) are trending higher in Monday's session as the lock-up period for the shares has expired.

Following the expiration, analysts at several firms initiated coverage on shares CONE Midstream Partners LP:

• Citi Research: Neutral rating; $30 price target. Analysts feel investors will benefit from strong distribution growth but modest price appreciation.
• Baird: Outperform rating; $31 price target.
• JP Morgan: Neutral rating; $31 price target.
• Goldman Sachs: Neutral rating; $31 price target.
• Credit Suisse: Outperform rating; $35 price target. "CNNX generates fixed-fee cash flows backed by long-term gathering agreements with its sponsors. It had zero debt at IPO, and we expect leverage to trend towards 3x in the long term. A healthy balance sheet will make it easier for CNNX to fund organic capex and dropdowns."
• RBC Capital: Outperform rating $35 price target.
• Wells Fargo: Outperform rating.

Shares of CONE Midstream recently traded at $27.49, up 1.66 percent.