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UPDATE: Credit Suisse Upgrades Spectra Energy Partners LP to Outperform, Raises PT

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In a report published Wednesday, Credit Suisse upgraded its rating on Spectra Energy Partners LP (NYSE: SEP) from Underperform to Outperform, and raised its price target from $31.00 to $34.00.

Credit Suisse noted, “We are raising our rating on SEP from Underperform to Outperform following its $545mm purchase of 38.76% of Maritimes & Northeast Pipeline, LLC (M&N US) from SEP's parent, Spectra Energy, Inc. (SE). We believe the roughly $0.20/unit accretion from the acquisition should allow SEP to increase its distribution growth rate from the current ~3% to roughly 6% through 2014. Given the highly predictable nature of SEP's cash flows we believe investors will likely bid down the yield to rough parity with the AMZX if not a slight premium.”

Spectra Energy Partners LP closed on Tuesday at $30.75.

Latest Ratings for SEP

DateFirmActionFromTo
Sep 2014BMO CapitalInitiates Coverage onOutperform
Sep 2014BarclaysMaintainsEqual-weight
May 2014CitigroupMaintainsHold

View More Analyst Ratings for SEP
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Upgrades Analyst Ratings

 

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