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