Market Overview

UPDATE: Citigroup Upgrades Spectra Energy Partners LP to Buy, Reiterates $33 PT

Share:
Related SEP
Spectra Energy And Northeast Utilities Form Alliance With Iroquois Gas Transmission For Access Northeast Project
Spectra Energy, Northeast Utilities Report New England Energy Reliability Solution
BP plc (BP) Poised for Strong Q1 Earnings: What to Expect? - Analyst Blog (Zacks)

In a report published Monday, Citigroup upgraded its rating on Spectra Energy Partners LP (NYSE: SEP) from Neutral to Buy, and reiterated its $33.00 price target.

Citigroup noted, “We are upgrading SEP to Buy and maintaining our target price of $33.00. Our TP assumes SEP can increase the annual distribution to $1.98/unit 12 months from now and that units trade at a 6% yield. Units have traded down ~11% over the past month on Fiscal Cliff and taxation worries, resulting in units currently trading at a ~7.1% yield and presenting an attractive buying opportunity for an MLP with a significant amount of cash flows supported stable long-term contracts, a strong general partner (GP), assets located in demand-growth growth regions, and evidence that accretive drop-down acquisitions are back on the table following last month's M&N US Pipeline acquisition.”

Spectra Energy Partners LP closed on Friday at $27.65.

Latest Ratings for SEP

DateFirmActionFromTo
Feb 2015UBSMaintainsBuy
Feb 2015BarclaysMaintainsEqual-weight
Jan 2015JefferiesMaintainsHold

View More Analyst Ratings for SEP
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Upgrades Analyst Ratings

 

Related Articles (SEP)

Around the Web, We're Loving...