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UPDATE: J.P. Morgan Reiterates Overweight Rating, Lowers PT on Teekay Offshore Partners

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UPDATE: Bank of America Downgrades Teekay Offshore Partners on Mixed Factors

In a report published Monday, J.P. Morgan & Co. reiterated its Overweight rating on Teekay Offshore Partners LP (NYSE: TOO), but slightly lowered its price target from $33.50 to $33.00.

J.P. Morgan noted, “We'd remain buyers given support for a solid 8.3% distribution yield and visibility of growth with a number of new assets to enter the fleet over the next 18 months. Chief risks relate to further project delays (three pipeline assets delayed by one quarter) and the need for c.$400m of fresh equity (we note an established track record of successfully tapping the market).”

Teekay Offshore Partners LP closed on Friday at $26.34.

Latest Ratings for TOO

DateFirmActionFromTo
Jul 2014CitigroupMaintainsNeutral
Mar 2014CitigroupMaintainsHold
Feb 2014ClarksonInitiates Coverage onMarket Perform

View More Analyst Ratings for TOO
View the Latest Analyst Ratings

Posted-In: J.P. Morgan & Co.Analyst Color Price Target Analyst Ratings

 

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