UPDATE: Credit Suisse Upgrades EQT Midstream Partners LP to Outperform on Good 1Q13 Results
In a report published Friday, Credit Suisse analyst John Edwards upgraded the rating on EQT Midstream Partners LP (NYSE: EQM) from Neutral to Outperform, and raised the price target from $41.00 to $47.00.
In the report, Edwards noted, “We are raising EQM to Outperform after it reported 1Q:13 results well above CS and consensus and also increased its FY2013 adjusted EBITDA and DCF guidance. EQM reported $26.7mm vs. CS $24.1mm and consensus $21.1mm. DCF/unit came in at $0.69 vs. CS $0.53 and consensus $0.49. EQM cited higher expected throughput on its assets as activity in the Marcellus Shale continues to be robust. EQM raised its FY2013 adjusted EBITDA guidance from $80-$83mm to $90-$95mm and its total DCF guidance from $61-$64mm to $71-$76mm.”
EQT Midstream Partners LP closed on Thursday at $41.25.
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