UPDATE: Ladenburg Thalmann Cuts PT to $37 on Chesapeake Midstream Partners; EPU Misses Consensus

Ladenburg Thalmann reduces its price target from $38 to $37 on Buy-rated Chesapeake Midstream Partners CHKM as the firm misses consensus estimates on Earnings Per Unit in Q1. Ladenburg Thalmann notes, "1Q12 Earnings Per Unit (EPU) Below Consensus But In-Line With Our Expectations. For 1Q12, CHKM realized a recurring diluted EPU of $0.34, compared with a recurring diluted EPU of $0.27 in the year ago period. The results were below consensus of $36 but in-line with our EPU estimate of $0.33. …Despite the 1Q12 operating performance being in-line with our expectations and the recent addition of the Marcellus Shale assets, we have tweaked our forecasts slightly and now believe that CHKM can raise its distributions at a 12.1% CAGR (was previously 12.8%) over the next three years (2012-14)." CHKM closed at $23.72 on Friday.