UPDATE: Citigroup Raises PT to $45 on TC PipeLines LP on Yield Expectations
Citigroup maintained TC PipeLines LP (NYSE: TCP) with a Neutral rating and raised the price target from $44.50 to $45.00.
Citigroup said, "We maintain our Neutral (2) rating while increasing our TP to $45.00 based on a 12-month target distribution of $3.16/unit and our expectation that units will trade at a target yield of 7.00%. Our rating reflects our view that TCP is close to fully valued, taking into consideration the risk factors currently facing the partnership. We expect TCP's performance to remain somewhat volatile as volumes and cash flows will depend on regional US markets to attract excess Canadian gas production."
TC PipeLines LP closed at $43.86 on Friday.
Latest Ratings for TCP
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.