UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Oneok Partners LP as Commodity Price Rout Intensifies

In a report published Friday, Credit Suisse analyst John Edwards reiterated an Outperform rating on

, but lowered the price target from $58.00 to $48.00. In the report, Credit Suisse noted, “After OKS' analyst day last month we walked away convinced that low crude prices would have very little impact to volumes due to flaring of Bakken gas. Since then, crude has fallen by another 30%, both on the prompt month and the strip. Though we don't see Y/Y volumes falling, thanks in part to organic projects, our volume growth expectations have fallen. Our lower growth outlook compounds with an updated price deck which indicates a 57% lower Conway-Belvieu ethane price differential to arrive at our revised distribution forecast and $10 lower TP of $48 (from $58). We expect mgmt. to revise 2015 guidance given the reality of the current commodity situation, though investors appear to have already priced in such cuts.” Oneok Partners LP closed on Thursday at $40.05.