UPDATE: Credit Suisse Downgrades Oneok Partners On FY15 Revised Guidance Below Forecast

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

from Outperform to Neutral, but reiterated the $48.00 price target. In the report, Credit Suisse noted, "OKS' lowering guidance appears realistic in light of ongoing uncertainty in commodity price recovery. Guidance cuts were more draconian than what we expected though our numbers were within provided ranges. The main surprise was how deep the cap ex cuts that were made for 2015 (57% down to $1.2B mid-point). The deep cap ex cuts mean slowing our distribution growth outlook as we assume the suspended plants are pushed back about 1 year. Together with the continuing weak commodity backdrop, the recent uptick in OKS' stock price suggests total return potential of 19% which is more in-line with our Neutral rated MLPs so we are downgrading OKS to Neutral and maintaining our $48 TP." Oneok Partners closed on Tuesday at $42.06.