UPDATE: Stifel Nicolaus Initiates PetroLogistics with Hold on Propane-Prolylene Spread Concerns
Stifel Nicolaus initiates its coverage on PetroLogistics (NYSE: PDH) with a Hold rating.
Stifel Nicolaus notes, "We are initiating with a Hold rating and fair value of approximately $14.00 to $17.00 given its peer group. We are forecasting distributions over the next twelve months of $1.56 and FY13 of $1.28. We note our fair value is highly sensitive to the propane-to-propylene spread and our estimates could prove conservative should the spread come in stronger than currently forecasted."
PDH closed at $15.15 on Tuesday.
Latest Ratings for PDH
|Apr 2014||Stifel Nicolaus||Maintains||Buy|
|Dec 2013||Morgan Stanley||Downgrades||Overweight||Equalweight|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.