Bank of America Maintains Buy Rating and $20 PT on American Midstream

A report from Bank of America reiterates its Buy rating and $20 price target on American Midstream (NASDAQ: AMID).

The report states, “Yesterday after market close, AMID announced it signed a purchase and sale agreement to acquire a 50% interest in the Burns Point processing plant (Burns Point) from Marathon Oil (MRO) for $38mn. Burns Point (165 MMcf/d of capacity) is a cryogenic processing plant located in St. Mary Parish, LA. Enterprise Products Partners, L.P. (EPD) owns the remaining 50% interest.”

AMID closed yesterday at $18.50.