UPDATE: Ladenburg Thalmann Reiterates Buy Rating, Lowers PT for Copano Energy
In a company update published earlier today, Ladenburg Thalmann Financial Services reiterated its Buy rating for Copano Energy, LLC (NASDAQ: CPNO) and lowered its price target from $40.00 to $38.00.
Ladenburg Thalmann said it made its decisions “to reflect no distribution growth in 2012 and a 5.0% CAGR over the 2013-15 period (2.2% in 2013, 4.5% in 2014, and 5.9% in 2015) while maintaining a 1.1-1.2x coverage ratio. Longer-term, we currently estimate that CPNO's distribution growth rate can reach 7.0%. Our new 12-month price target of $38 is based on our three-stage, 10-year distribution discount model (DDM) and now implies a 6.1% yield on our new 12-month distribution target of $2.32 per unit (annual run-rate).”
Copano Energy, LLC closed yesterday at $30.90.
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