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In a report published on Tuesday, Bank of America analyst Gabe Moreen downgraded
MPLXMPLX from Buy to Neutral while raising the price objective on the company from $32 to $40.
In the report, Bank of America stated, "We recognize MPLX's peer- leading distribution growth (we estimate 28/12% in 2014/2015), supportive general partner, dowry of drop-downs, and fee-based cash flows. However, we see units largely pricing in this growth given its current yield of 2.9% (vs. 5.9% for the Alerian MLP Index (AMZ))."
MPLX closed on Tuesday at $37.66.
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