UPDATE: Credit Suisse Upgrades Energy Transfer Partners LP to Outperform, Lowers PT on Solid Buying Opportunity

In a report published Wednesday, Credit Suisse analyst John Edwards upgraded the rating on

from Neutral to Outperform, but lowered the price target from $78.00 to $77.00. In the report, Credit Suisse noted, “We are lowering our TP by $1 to $77 as we now account for 2 out of 3 trains being sanctioned at the Lake Charles facility through the end of 2015. We are upgrading ETP to an Outperform as we believe the recent softness/volatility in the stock due to the depressed commodity price environment has created a solid buying opportunity to our TP of $77—this appears to be about average vs. the rest of the group but for one of the larger cap names in the space and on a risk-adjusted basis we like the name. With a bulk of their exposure on the nat gas side, some internal hedges to lower crude prices with the retail marketing part of the business, as well as the upcoming drops to SUN to help fund a bulk of the capex spending ahead, we think there is a lot to like about the name. Apart from ETE, this is our favorite name in the family.” Energy Transfer Partners LP closed on Tuesday at $62.62.