UPDATE: Credit Suisse Downgrades ONEOK Partners to Neutral Lower Distribution Guidance
Credit Suisse downgraded ONEOK Partners (NYSE: OKS) from Outperform to Neutral and lowered the price target from $65.00 to $58.00.
Credit Suisse commented, "OneOk Partners (OKS) has over $4B of fee-based projects to be placed in service over the next three years. But OKS is a victim of weak NGL prices and collapsing Conway-Belvieu spreads, undercutting OKS prospects in 2013. Management has cut its distribution growth /unit by 850bp, to 2.8% in 2013. We are downgrading OKS units to Neutral (from Outperform)."
ONEOK Partners closed at $56.83 on Monday.
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