UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Boardwalk Pipeline Partners

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Boardwalk Pipeline Partners LP

, but lowered its price target from $29.00 to $27.00. Deutsche Bank noted, “Coverage Ratio Outlook Improves With New Midstream Business. BWP reported 3Q'12 ebitda of $163 million vs $148 million in 3Q'11. Our estimate was $169 million and consensus was $168 million. The Company maintained its common unit distribution at $0.5325 and showed a distribution coverage ratio of 0.8 for the quarter. With 3Q typically the weakest of the year, we continue to look for BWP to reach a 1.0 coverage ratio on average for the year. Looking ahead to 2013, BWP has made acquisitions and invested growth capital in that are estimated to boost 2013 EBITDA to $816 million from $728 million in our model for 2012. This is related to new pipeline, storage and ethylene transportation investments that are coming on line.” Boardwalk Pipeline Partners LP closed on Tuesday at $26.80.