UPDATE: JP Morgan Initiates EQT Midstream Partners at Overweight with $29 PT on Marcellus-Driven Growth Momentum

JP Morgan initiated its coverage on EQT Midstream Partner EQM with an Overweight rating and a price target of $29. JP Morgan noted, "We are initiating coverage of EQT Midstream Partners (EQM) with an Overweight rating and a $29 Dec-12 price target, suggesting total-return potential of ~16%. In forming EQM, Equitable Corp (EQT) contributed the Equitrans Transmission & Storage System and the Equitrans Gathering System. These strategically located assets in the heart of the Marcellus possess significant interconnectivity, thereby positioning EQM to capitalize on the play's expected robust production growth. We view EQM as a top pick among names under coverage due to the partnership's top tier distribution growth underpinned by stable, fee-based revenues with capacity reservation charges." EQT Midstream Partner closed at $19.67 on Friday.