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UPDATE: Credit Suisse Downgrades EQT Midstream Partners to Neutral on YTD Share Appreciation

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Credit Suisse downgraded EQT Midstream Partners (NYSE: EQM) from Outperform to Neutral and raised the price target from $39.00 to $41.00.

Credit Suisse analyst John Edwards noted, "We are downgrading EQM to Neutral (from Outperform) on valuation as EQM has rallied nearly 25% thus far in 2013 and appears fairly valued, in our opinion. […] Our revised $41 TP (from $39) is based on a 3.75%-4.0% target yield range on our annualized 4Q13 distribution estimate of $1.60/unit, giving us a TP range of $40-$42 and $41 TP. Adding an expected $1.525 in distributions over the NTM implies total return potential of 7%-14% which is not enough for us to stay at Outperform thus our downgrade to Neutral."

EQT Midstream Partners closed at $38.77 on Tuesday.

Latest Ratings for EQM

DateFirmActionFromTo
Mar 2016Stifel NicolausInitiates Coverage onHold
Mar 2016JP MorganMaintainsOverweight
Feb 2016Morgan StanleyInitiates Coverage onEqual-weight

View More Analyst Ratings for EQM
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Downgrades Analyst Ratings

 

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