UPDATE: Credit Suisse Assumes Coverage on Access Midstream Partners on Best-in-Class MLP Story
In a report published Tuesday, Credit Suisse analyst Abhiram Rajendran assumed coverage on Access Midstream Partners (NYSE: ACMP) with an Outperform rating and $63.00 price target, up from $59.00.
In the report, Credit Suisse noted, “We see ACMP as a best-in-class MLP with well-positioned assets, fully fee-based contracts, and a solid mgmt team at the helm that should continue rewarding holders over the NTM and long term. In our view, this is the best way to gain exposure to the Northeast, with the best line of sight especially compared to peers that have had to lower previously aggressive outlooks. The stock isn't cheap, but solid EBITDA/distribution growth to come for many years (beyond guidance through 2015, and despite capex coming down) supports further upside. In addition, this is one of the best risk/rewards in the space owing to contract structure.”
Access Midstream Partners closed on Tuesday at $55.08.
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