UPDATE: Citi Upgrades Oneok to Buy
Citi is out with its report today on Oneok (NYSE: OKE), upgrading OKE from Hold to Buy.
In its report, Citi writes, "We are upgrading shares of OKE to Buy from Hold. Our target price is now $75p/s, up from $72p/s previously, as our lower oil & gas prices forecasts are more than offset by updated operating model assumptions following the company's recent analyst meeting. We believe that OKE is well positioned to reap the benefits of the continued North American secular midstream growth story (via its ownership in OKS) and, as a result, continue down the path of morphing into a high growth / high yield hybrid."
At the time of posting, shares of OKE were trading at $68.27, up 1.17% from Thursday's close.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.