UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on Enterprise Products Partners
In a report published Friday, Credit Suisse reiterated its Outperform rating on Enterprise Products Partners (NYSE: EPD), and slightly raised its price target from $60.00 to $61.00.
Credit Suisse noted, “EPD reported 3Q12 results that once again topped both Credit Suisse and Street estimates. EPD reported adjusted EBITDA of $1,063mm vs. Credit Suisse $985mm and consensus $1,028mm. EPD's NGL Pipeline and Services segment shrugged off a weakening NGL price environment with double digit volume growth and topped our estimate by $52mm. The Onshore Crude Oil P/L segment beat by $29mm on the ramping Seaway volumes ($14mm beat) and soaring Eagle Ford volumes which were up 98% y/y. EPD reported DCF of $0.85/unit vs. Credit Suisse $0.80/unit and Street $0.87/unit. EPD's DCF/unit would have been $0.90/unit ex non-recurring items.”
Enterprise Products Partners closed on Thursday at $52.78.
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