From Truist (formerly SunTrust)....
DCP Midstream LP (DCP)
That Big Dutch Energy
What's Incremental To Our View
We are increasing our 2H estimates on encouraging commentary around maintaining
volumes after a substantial broad-based 2Q beat. We are also increasing our 2021
estimates and although we still expect base decline to be a headwind and look for
y/y earnings decline, we see it occurring off of a much higher base. The stock re-
rate in our view reflects this higher level of volumes into the 2H as well as added
security around the (remaining) distribution. We are increasing our price target on the
dramatic re-rate in estimates to $17 from $8. We rate the units Hold.