** 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%

(Reporting by Sumit Saha in Bengaluru)

((Sumit.Saha@thomsonreuters.com;))