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Credit Suisse Updates 6/17

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Credit Suisse made a number of updates in today's research report.

Diana Shipping (NYSE: DSX) was downgraded to Underperform from Outperform. At the same time, its price target was reduced to $8 from $15.

In the report, Credit Suisse states, "We are downgrading DSX to Underperform (from Outperform) and lowering our target price to $8 (from $15). DSX has the strongest balance sheet in the dry bulk industry, solid contract coverage and has outperformed its peers YTD, so why the downgrade? The dry bulk market remains in a tail spin (old news) and while supply is abating, we expect it to continue outpacing demand driving earnings and ship values lower." On Thursday, Diana added 0.99% to its value to close the day at $11.24.

Credit Suisse assumed its coverage of Western Gas Partners (NYSE: WES) with a Neutral rating and a price target of $39. On Thursday, Western Gas lost 1.85% to close the day at $35.07.

Credit Suisse assumed its coverage of DCP Midstream Partners (NYSE: DPM) with an Outperform rating and a price target of $45. On Thursday, DCP Midstream lost 2.23% to close the day at $39.51. Credit Suisse assumed its coverage of Boardwalk Pipeline Partners (NYSE: BWP) with an Outperform rating and a price target of $35. On Thursday, Boardwalk lost 2.03% of its value to close the day at $27.51.

Credit Suisse assumed coverage of Magellan Midstream Partners (NYSE: MMP) with a Neutral rating and a price target of $59. On Thursday, Magellan lost 1.92% of its value to end the day at $57.30

Credit Suisse assumed coverage of Spectra Energy Partners (NYSE: SEP) with Restricted. On Thursday, Spectra lost 0.3% to finish the day at $30.39.

Credit Suisse assumed coverage of NiSource (NYSE: NI) with an Outperform rating and a price target of $20. On Thursday, NiSource added 0.63% to its value to finish the day at $19.30.

Credit Suisse assumed coverage of Sunoco Logistics Partners (NYSE: SXL) with a Neutral rating and a price target of $89. On Thursday, Sunoco lost 1.79% of its value to close the day at $82.42.

Credit Suisse initiated a coverage on Energy XXI (NASDAQ: EXXI) with an Outperform rating and a target price of $40.

The report states, "We Initiate Coverage with an Outperform Rating and a $40 Target Price: With the bulk of majors and independents exiting the Gulf of Mexico shelf to seek larger deep water resource potential and the predictability of onshore resource development, Energy XXI (EXXI) has made itself right at home. Over the past five years, the company has successfully executed an acquisition strategy targeting mature oil fields that had not been thoroughly depleted by the prior operators. EXXI has complemented cash flow-generating oil assets with a potentially high-impact exploration program." On Thursday, Energy XXI lost 0.58% of its value to end the day at $29.08. Its shares continued to slide in today's pre-market trading, losing 1% to stop at $28.79.

Kroger (NYSE: KR) had its estimates raised.

The report states, "We increased our 2011 EPS estimate to $1.95 from $1.85, although we believe our estimate could prove to be conservative. We maintained our 2012 estimate at $2.20 and adjusted up our 2013 estimate to $2.30 (from $2.25)." At the moment, Credit Suisse has an Outperform rating and a price target of $26 placed on the company's stock. On Thursday, Kroger added 5.53% to its value to finish the day at $4.53.

Flowserve (NYSE: FLS) had its estimates revised upwards.

The report states, "Stock Is At Historical Trough: FLS shares are currently trading at 12.5x our 2011 EPS estimate and 10.6x our 2012 EPS estimate. Historically, FLS shares have traded for ~15+ P/E on average post turnaround, indicating we should already be at or near its trough multiple. Our 2013 EPS estimate is raised to $11.04 (from $10.95)." At the moment, Credit Suisse has an Outperform rating and a price target of $150 placed on the company's stock. On Thursday, Flowserve lost 2.61% of its value to close the day at $101.09.

 

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Posted-In: Boardwalk Pipeline Partners Credit Suisse DCP Midstream PartnersAnalyst Color Downgrades Price Target Initiation Analyst Ratings

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