Goldman Sachs Maintains Buy Rating, $76 PT On BPL

Buckeye Partners LP

reported 1Q2011 EPU of $0.79 “versus our $0.75 estimate and consensus of $0.80,” Goldman Sachs reports. “Importantly, the MLP's core refined products pipelines/terminals assets contributed $113mn of EBITDA (including BORCO) that topped our forecast by 2%-3%, though this was partially offset by ongoing market weakness in natural gas storage,” Goldman Sachs writes. “Despite the strong quarter, we lower 2011-13 earnings estimates by 1%-6% (to $3.45/ $3.70/ $4.10) to account for a slower expected ramp of capex-driven cash flows at BORCO.” Goldman Sachs is maintaining its Buy rating and $76 PT on shares of Buckeye Partners, which closed Friday at $63.57.