UPDATE: Wunderlich Securities Upgrades EnLink Midstream Partners LP to Buy, Raises PT on Attractive Risk/Reward

In a report published Thursday, Wunderlich Securities analyst Jeff Birnbaum upgraded the rating on EnLink Midstream Partners LP ENLK from Hold to Buy, and raised the price target from $33.00 to $34.00. In the report, Wunderlich Securities noted, “We are transferring coverage of EnLink Midstream Partners, LP (ENLK) and upgrading the units to Buy with a $34 price target. With a current yield of over 5.4%, LT target of high single-digit distribution (we forecast 3-year CAGR distribution growth of 10%), 95% fee-based margins, a clear strategy for growth, new assets now online to drive accelerating EBITDA growth, and a large equity raise for 2015 organic capex needs already out of the way, we see an attractive risk/reward in ENLK today. EnLink aims to double its size by YE17, and has multiple venues to pursue that goal. We believe ENLK now presents an attractive entry point.” EnLink Midstream Partners LP closed on Wednesday at $28.20.
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Posted In: Analyst ColorUpgradesAnalyst RatingsJeff BirnbaumWunderlich Securities
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