UPDATE: Stifel Nicolaus Upgrades TransMontaigne Partners to Buy on Growth Visibility
Stifel Nicolaus raised its rating on TransMontaigne Partners (NYSE: TLP) from Hold to Buy with a new $41 price target.
Stifel Nicolaus said, "TransMontaigne recently announced it acquired a 42.5% ownership in the Battleground Oil Specialty Terminal Company LLC (BOSTCO) for $79 million. We are raising our opinion on TLP as this is the first large project it has undertaken since the notification by Morgan Stanley (MS, not rated) that it would not approve any large scale projects that would dampen the outlook for growth. As a result of undertaking this project, we believe investors have a better line of sight for growth in cash flows and ultimately distributions."
TransMontaigne Partners closed at $37.15 on Friday.
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