UPDATE: Credit Suisse Cuts PT to $31 on Chesapeake Midstream Partners

Credit Suisse assumes its coverage on Chesapeake Midstream Partners

with an Outperform rating and a price target of $31 (previously $34). Credit Suisse says, "In our view, the concerns about CHKM's corporate governance and relationship with Chesapeake Energy (CHK) are overdone and units present a compelling value opportunity at current levels. We believe CHKM's longterm fee-based contractual commitments with CHK are sound and provide a firm foundation for the sustainability of the distribution. We believe CHKM will continue to acquire midstream assets from CHK at reasonable prices enabling the partnership to deliver high single digit distribution growth over the next five years." CHKM closed at $25.51 on Wednesday.