UPDATE: Credit Suisse Downgrades Enbridge Energy Partners to Neutral on Disappointing Q4 Results
Credit Suisse downgraded Enbridge Energy Partners (NYSE: EEP) from Outperform to Neutral and lowered the price target from $32.00 to $30.50.
Credit Suisse commented, "Our overarching thesis for EEP is that EEP gives producers unparalleled optionality to deliver oil from the WCSB and Bakken plays to three distinct US markets over the next several years. Unfortunately, EEP's tepid guidance, stretched balance sheet, equity requirements, and below 1x distribution coverage outlook, translates into a lower total return outlook, at least, for the near term. Hence, we are downgrading EEP units to Neutral (from Outperform)."
Enbridge Energy Partners closed at $28.71 on Thursday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.