UPDATE: Stifel Nicolaus Downgrades Kayne Anderson Energy Development to Hold on Price
Stifel Nicolaus lowers its rating on Kayne Anderson Energy Development (NYSE: KED) from Buy to Hold.
Stifel Nicolaus says, "With the recent pull back in public MLP valuations we believe KED shares are trading just slightly below our estimated adjusted NAV of approximately $24.03. We continue to believe it may be a while before KED finds another private MLP opportunity. Accordingly, we are lowering our rating to Hold strictly based on its price appreciation."
KED closed at $22.79 on Friday.
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