UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Boardwalk Pipeline Partners

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Boardwalk Pipeline Partners LP (NYSE: BWP), but lowered its price target from $29.00 to $27.00.Deutsche Bank noted, “Coverage Ratio Outlook Improves With New Midstream Business. BWP reported 3Q'12 ebitda of $163 million vs $148 million in 3Q'11. Our estimate was $169 million and consensus was $168 million. The Company maintained its common unit distribution at $0.5325 and showed a distribution coverage ratio of 0.8 for the quarter. With 3Q typically the weakest of the year, we continue to look for BWP to reach a 1.0 coverage ratio on average for the year. Looking ahead to 2013, BWP has made acquisitions and invested growth capital in that are estimated to boost 2013 EBITDA to $816 million from $728 million in our model for 2012. This is related to new pipeline, storage and ethylene transportation investments that are coming on line.”Boardwalk Pipeline Partners LP closed on Tuesday at $26.80.