UPDATE: Morgan Stanley Initiates Coverage On Transocean Partners LLC On Good Market Position

In a report published Tuesday, Morgan Stanley analyst Ole Slorer initiated coverage on

with an Overweight rating and $31.00 price target. In the report, Morgan Stanley noted, “Initiating coverage of RIGP at Overweight with a price target of $31, representing a total potential return of ~35%. We see a robust distribution growth story (~25% CAGR through 2016) as a result of RIG's strong motivation to dropdown assets.” Transocean Partners LLC closed on Monday at $25.04.