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UPDATE: Morgan Keegan Downgrades Inergy to Market Perform

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Morgan Keegan has published a research report on Inergy (NYSE: NRGY) and has downgraded the company from Outperform to Market Perform.

In the report, Morgan Keegan writes, "Inergy, LP (NRGY) held its distribution at $0.705/unit for its December quarter but in the press release accompanying the announcement made it quite clear that a distribution cut is likely to occur next quarter. NRGY is off nearly 25% today. NRGY stated that it covered only 68% of its distribution for calendar year 2011 which means it generated roughly $0.53/unit in the December quarterwell below our $0.94/unit estimate. NRGY's results were hampered by the extremely warm temperatures during the December quarter."

Morgan Keegan has lowered the price target from $29 to $18 on Inergy, which is currently trading down $5.43 from yesterday's $22.68 closing price.

Posted-In: Morgan KeeganAnalyst Color Downgrades Price Target Analyst Ratings

 

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