UPDATE: Bank of America Upgrades DCP Midstream Partners to Buy

Bank of America raises its rating on DCP Midstream Partners DPM to Buy from Neutral on the company's better risk/reward profile. The price objective of $50 is reiterated. Bank of America says, "We upgrade DPM to Buy (from Neutral) as we see recent unit price performance post-equity offering as providing a better entry point. On 2 March 2012, DPM priced a 4.75mn LP unit offering at $47.42/unit. DPM's equity offering was not surprising, in our view, as proceeds will be used to fund DPM's growth plans and a portion of its recent $240mn asset drop-down from its general partner (GP). DPM has traded down ~2.5% since its offering, which we view as largely a result of the typical digestion period around MLP equity offerings." DPM closed at $46.22 a share yesterday.