Credit Suisse: Columbia Pipeline Will Beat Market, Cash Metrics Better Than First Thought

In a report published Thursday, Credit Suisse analyst John Edwards initiated coverage of

with an Outperform rating and $35 price target. The company is the result of a spinoff of

and a general partner of

. The company's shares are slated to begin trading on July 2, 2015, following NiSource issuing one share of Columbia Pipeline Group's common stock for each NiSource share owned by the latter company's existing shareholders. According to the Credit Suisse report, "CPGX's initial assets include ~84 percent ownership of OpCo, the holding company that houses Columbia Pipeline Group's assets, 46.5 percent ownership of CPPL LP units which earn quarterly distributions and 100 percent of GP interests in CPPL, including IDRs."