TD Cowen Initiates Buy on Energy Transfer With $22 Target, Citing Midstream Strength

Energy Transfer LP (NYSE:ET) is one of the stocks that look extremely cheap on paper. On July 7, 2025, TD Cowen’s analyst Jason Gabelman initiated coverage with a Buy rating and set a $22.00 price target, implying about +23% upside from the mid‑$17 current level.

That marks fresh enthusiasm entering the space — Cowen sees ET as undervalued in a midstream oil & gas environment where pipeline cash flows remain resilient, especially with steadily improving demand for NGL exports and increasing fee-based income.

This rating comes alongside other bullish commentary this summer: Mizuho had previously boosted its target to $23 while maintaining an Outperform call in May but Cowen’s is special because it’s a new coverage entry based entirely in July, making it timely and likely based on recent strategic insights.

Energy Transfer LP (NYSE:ET) is a Dallas‑based U.S. midstream heavyweight with ~125,000 miles of pipeline serving gas, NGLs, oil, refined products, and LNG markets.

While we acknowledge the potential of ET as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.