UPDATE: Credit Suisse Downgrades Access Midstream Partners to Neutral on Valuation
Credit Suisse lowered its rating on Access Midstream Partners (NYSE: ACMP) from Outperform to Neutral while rising its price target from $34 to $37.
Credit Suisse said, "In our view, ACMP's valuation appropriately reflects its top-tier distribution growth prospects. The company's low-risk, high-growth business model continues to prove itself, and the market has become increasingly comfortable with the sustainability of its growth trajectory. Following Global Infrastructure Partner's (GIP) purchase of ACMP's remaining 50% GP interest that it did not already own and the purchase of CHK's midstream development assets, ACMP's dropdown potential has been preserved which supports sustainable double-digit distribution growth over the next several years. And in our view, ACMP's ~4.7% yield fairly reflects this robust distribution growth."
Access Midstream Partners closed at $36.81 on Thursday.
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