UPDATE: Credit Suisse Cuts PT to $65 on NuStar Energy; Waiting for Recovery

Credit Suisse lowers its price target from $66 to $65 on Outperform-rated NuStar Energy

. Credit Suisse notes, "NS is currently sowing the seeds for a recovery in distribution growth in 2013 and beyond. The company plans to invest over $400mm on organic growth projects in 2012, and we believe the company may be able to sustain this rate of organic growth capital spending for the next few years. In our view, NS has a number of low-cost, high return opportunities to convert its refined products pipelines into crude oil service as well as further expansions of its crude storage hubs. As a result, we believe distribution growth will reaccelerate to ~3% beginning in 2013. At the current unit price, the market is not giving NS credit for its ability to deliver sustainable distribution growth." NS closed at $52.42 on Wednesday.