UPDATE: Credit Suisse Assumes Outperform, PT of $30 on Boardwalk Pipeline Partners; Q1 Beat

Credit Suisse assumes coverage of Boardwalk Pipeline Parters BWP with an Outperform rating and a price target of $30 (previously $33). Credit Suisse comments, "We are reducing our price target on BWP by $3 to $30 based on our belief that investors will continue to demand more yield from BWP given its below average distribution growth outlook. We expect BWP to trade at roughly a 125 bp discount to the AMZ index and is likely to trade in a yield range 7%-7.5%. We believe BWP has 12-month total return potential of 13%-20% which keeps us at Outperform." BWP closed at $27.69 on Tuesday.