Ladenburg Thalmann Reiterates Buy, $54 PT on TC Pipelines

Ladenburg Thalmann remains Buy-rated with a $54 price target on TC Pipelines

as stronger-than-expected distributable cash flows offset soft earnings per unit in Q4. Ladenburg Thalmann says, "For 4Q11, TCP generated distributable cash flows of $83.3 million, compared with $51.7 million achieved a year ago. This result was greater than our estimate of $51.2 million and consensus of $53.8 million. We note that 4Q11 results include a $20.0 million one-time cash distribution from GTN as well as cash distributions received from GTN and Bison for 2Q11 and 3Q11." TCP closed at $46.80 a share on Friday.