Jefferies initiates Enterprise Products at 'hold', sees limited upside

Jefferies initiates coverage of pipeline operator Enterprise Products EPD.N with "hold"; sets PT at $33

PT represents ~3% upside to stock's last close

Brokerage says EPD remains a high-quality midstream operator with strong defensive attributes, though its competitive advantage over peers has narrowed in recent years

"Outside positive reception to a possible unit repurchase inflection, difficult for us to see a path to unit outperformance in the current backdrop" - Jefferies

Adds EPD has less torque to natural gas demand growth, which could make it difficult to get constructive amid a softer liquids backdrop

13 out of 20 brokerages rate the stock "buy" or higher, 6 "hold" and 1 "sell"; median PT is $36 - data compiled by LSEG

In 2025, EPD fell 2.4%