Citi Maintains Hold on Enbridge Energy Partners (EEP)

Citi is out with its report today on Enbrdige Energy Partners EEP, maintaining Hold. In a note to clients, Citi writes, "We maintain Hold/High Risk rating and target price of $32.50. Our new target price as well as estimates incorporate the 2:1 stock split effective from April 25. We remain conservative regarding our distribution growth forecast of ~2.5% which is at the bottom end of management's guidance range of 2% - 5% over the next three years. At current levels we view units of EEP as fully valued and reiterate our 2H rating." Shares of EEP closed Monday at $33.73, down 0.50% from Friday's close.