Global Hunter Reiterates Accumulate Rating, $53 PT on Enterprise Products Partners
In a report published earlier today, Global Hunter Securities, LLC reiterated its Accumulate rating and $53.00 price target on Enterprise Products Partners L.P. (NYSE: EPD).
Global Hunter went on to say “We are downgrading a handful of natural gas gathering & processing MLPs and revising estimates based on our belief that the NGL market environment will favor lower ethane and propane prices going forward. We believe a weakening US economy, high propane inventories (and prices) and continued weakness in natural gas prices all indicate a higher risk that NGL prices stay lower for longer. This results in caution toward the gathering & processing subsegment. We recommend positioning defensively going into the Q2:12 reporting season, favoring fee-based, diversified MLPs with low exposure to unhedged NGLs.”
Enterprise Products Partners L.P. closed on Friday at $51.24.
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