Wunderlich Securities Reduces PT on Energy Transfer Partners To $56, Maintains Buy (ETP)

Wunderlich Securities reduced its price target on Energy Transfer Partners ETP from $60 to $54. In a research report published today, Wunderlich named Energy Transfer's lagging behind its rivals in performance as the main reason for the reduction. It still has a Buy rating on Energy Transfer, however, after reassurance from Energy Transfer's management that the company will start expanding its distribution by Q3 2011. In the report, Wunderlich states, "We are lowering our price target on Energy Transfer Partners (ETP) to $56/unit from $60/unit based on a reduced distribution outlook. The partnership's performance has lagged that of its peers over the last few years and it has not increased its distribution since 2008. On its recent earnings conference call, management was confident that the partnership would start to increase its distribution no later than the third quarter of this year. Our rating on ETP shares remains Buy." In today's trading, Energy Transfer added 0.2% to its value and is currently standing at $50.64.