UPDATE: Bank of America Reduces PO to $33 on Golar LNG Partners LP on Higher Discount Yield
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
|Aug 2014||Stifel Nicolaus||Maintains||Buy|
|May 2014||Stifel Nicolaus||Initiates Coverage on||Buy|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.