UPDATE: Wunderlich Securities Cuts Target to $31 on Spectra Energy Partners

Wunderlich Securities reiterates its Hold rating on Spectra Energy Partners

and lowers its price target to $31 from $35 a share on concerns about longer-term distribution growth. Wunderlich Securities notes, "Given the natural gas market environment, muted 2012 guidance, and uncertain outlook for long-term distribution growth, we believe a higher required rate of return is justified in our dividend (distribution) discount model. Raising the required rate to 8% from 7.5% results in a lower price target of $31/ unit, compared with $35/unit previously." SEP closed at $32.24 a share on Friday.