UPDATE: Morgan Keegan Downgrades Copano Energy to Perform
Morgan Keegan cuts its rating on Copano Energy (NYSE: CPNO) to Perform on lower 2012 guidance and valuation. Price target also falls $1 to $38.
Morgan Keegan notes, "CPNO announced on its Q4 conf call that it is experiencing operational difficulties at its Houston Central plant that it expects will impact Q1:12 Texas segment margin by $5-$8mm below the $49mm Q4 level. We are lowering our FY2012 DCF/unit estimate by $0.15 to $2.61 and lowering EBITDA by $9mm to $278mm. We are also pushing out distribution growth resumption by two quarters."
CPNO closed at $36.79 a share yesterday.
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