Market Overview

UPDATE: J.P. Morgan Initiates Coverage on Suburban Propane Partners with Neutral Rating, $43 PT

Share:
Related SPH
Mid-Day Market Update: Celsion Jumps After Withdrawing Stock Offering; Booz Allen Shares Drop
Mid-Morning Market Update: Markets Open Lower; Amazon To Buy Whole Foods For $13.7 Billion
Pausing Midstream (Seeking Alpha)

In a report published Wednesday, J.P. Morgan & Co. initiated coverage on Suburban Propane Partners LP (NYSE: SPH) with a Neutral rating and $43.00 price target.

J.P. Morgan noted, “We are initiating coverage of Suburban Propane with a Neutral rating and a YE13 price target of $43/unit. Until recently, Suburban achieved steady distribution growth through streamlining cost structures, investing in technology and employees, optimizing customer mix, and generally wringing out efficiencies wherever possible. However, recent economic weakness, combined with rising propane prices and an unusually warm winter, has taken its toll on the partnership, driving distribution coverage below 1.0x.”

Suburban Propane Partners LP closed on Tuesday at $43.00.

Latest Ratings for SPH

DateFirmActionFromTo
Jul 2017CitigroupUpgradesNeutralBuy
Feb 2017Stifel NicolausDowngradesBuyHold
Oct 2016StifelUpgradesHoldBuy

View More Analyst Ratings for SPH
View the Latest Analyst Ratings

Posted-In: J.P. Morgan & Co.Analyst Color Initiation Analyst Ratings

 

Related Articles (SPH)

View Comments and Join the Discussion!