UPDATE: Credit Suisse Initiates Exterran Partners LP With Neutral, $23 Target

Credit Suisse initiates its overage on Exterran Partners

with a Neutral rating and a price target of $23 on natural gas headwinds. Credit Suisse comments, "EXLP, a master limited partnership and its sponsor Exterran Holdings (

), are the dominant providers of natural gas compression services in the United States. Since its initial public offering (IPO) in October 2006, EXLP's growth has been driven by the dropdown (acquisition) of compression assets from its sponsor. Our Neutral rating reflects: i) potential headwinds from low natural gas prices on the demand for compression services and, ii) evidence of progress in the company's cost cutting initiatives to improve profit margins." EXLP closed at $21.89 a share on Thursday.