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UPDATE: Bank of America Reduces PO to $33 on Golar LNG Partners LP on Higher Discount Yield

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Bank of America reiterated its Neutral rating on Golar LNG Partners LP (NASDAQ: GMLP) bur lowered its price objective from $38 to $33.

Bank of America commented, "Golar LNG Partners' fully chartered fleet provides a steady level of cash flows that are set to grow through accretive follow-on offerings as the company pursues drop down opportunities from its sponsors' substantial LNG carrier fleet. As a result, we expect the company to provide a steadily growing distribution level supported by low leverage and long-term secular changes driving demand in the LNG shipping market. … We maintain our Neutral rating, but are lowering our price objective to $33 (from $38) due to an increased 6% yield target (from 5%) on the annualized $2.00 distribution target."

Golar LNG Partners LP closed at $28.64 on Wednesday.

Latest Ratings for GMLP

DateFirmActionFromTo
Mar 2016Morgan StanleyMaintainsEqual-weight
Sep 2015Danske BankInitiates Coverage onBuy
Aug 2015RBC CapitalMaintainsSector Perform

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Posted-In: Bank of AmericaAnalyst Color Price Target Intraday Update Analyst Ratings

 

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