UPDATE: Credit Suisse Downgrades Boardwalk Pipeline Partners to Underperform on Valuation, Outlook

Credit Suisse downgraded Boardwalk Pipeline Partners

from Neutral to Underperform and lowered the price target from $28.00 to $27.50. Credit Suisse commented, "We are downgrading BWP to Underperform (from Neutral) as we believe that BWP's modest distribution growth outlook, re-contracting headwinds, and likely equity issuance to alleviate a relatively highly levered balance sheet (esp. for an investment grade MLP) leave BWP wanting when compared to other opportunities within the MLP sector. /// Our FY2013 DCF/unit drops $0.13 to $2.17/unit while EBITDA falls $30mm to $814mm vs. consensus $2.26 and $803, respectively on minor adjustments to our gas storage margin assumptions due to tighter basis differentials and seasonal spreads." Boardwalk Pipeline Partners closed at $27.31 on Monday.