UPDATE: Wunderlich Securities Upgrades Markwest Energy Partners LP On Multiple Positive Factors
In a report published Tuesday, Wunderlich Securities analyst Abhishek Sinha upgraded the rating on Markwest Energy Partners LP (NYSE: MWE) from Hold to Buy, and raised the price target from $68.00 to $83.00.
In the report, Wunderlich Securities noted, “MarkWest Energy Partners (MWE) is developing a premier midstream footprint in the burgeoning Marcellus and Utica plays with 12 major projects under construction out of which 5 are slated to be completed in 2014 and much of the 2014 capital needs is already prefunded. The company recently provided a positive operations update that should instill greater confidence amongst investors about its execution plans. As asset utilization ramps up from here we believe accelerating cash flows will generate a long-term and sustainable double-digit growth trajectory, uplifting investors' confidence. Incremental project completions and contract announcements could provide further upside catalysts. Accordingly, we are upgrading MWE to Buy and raising our price target from $68 to $83/unit.”
Markwest Energy Partners LP closed on Monday at $72.02.
Latest Ratings for MWE
|Jun 2015||Evercore Partners||Initiates Coverage on||Hold|
|Jun 2015||SunTrust Robinson Humphrey||Initiates Coverage on||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.