Morgan Keegan Upgrades Boardwalk to Outperform; $30 PT

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Morgan Keegan upgraded master limited partnership (
MLP
) Boardwalk Pipeline Partners
BWP
to outperform due to valuation and raised its price target on the units to $30 from $29.50. The research firm has a 12-month valuation range of $29-$31 on Boardwalk Pipeline. “We are modeling modest 2.7% compounded distribution growth through 2013 for BWP. BWP has recently expanded into the natural gas gathering business through a 15-year agreement with Southwestern Energy
SWN
in the Marcellus Shale. We believe this agreement could be the first of many as BWP looks for new avenues of growth,” Morgan Keegan said in its research note.
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