UPDATE: Bank of America Downgrades Williams Partners LP to Neutral on Balanced Risk/Reward Profile
In a report published Thursday, Bank of America analyst Gabe Moreen downgraded the rating on Williams Partners LP (NYSE: WPZ) from Buy to Neutral, and lowered the price target from $59.00 to $55.00.
In the report, Moreen noted, “WPZ is a natural gas gathering and processing and interstate natural gas pipeline MLP whose parent company Williams (WMB) consummated a spin-down of assets in early 2010 to transform WPZ into a large-cap MLP with regulated and unregulated businesses. We view WPZ's risk/reward profile as balanced given its robust backlog of organic growth projects that is offset by weak NGL pricing, tight cash distribution coverage, and 2H13 equity needs.”
Williams Partners LP closed on Wednesday at $51.59.
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