UPDATE: Morgan Stanley Upgrades Energy Transfer Partners to Equal-Weight, Reiterates $50 PT

In a report published Friday, Morgan Stanley upgraded its rating on Energy Transfer Partners

from Underweight to Equal-Weight, and announced a $50.00 price target. Morgan Stanley noted, “Following year-to-date underperformance (–12%), a solid 3Q (1.01x coverage at ETP), and completion of the SUN merger, we are upgrading ETP to Equal-weight as a path to distribution growth has finally emerged.” Energy Transfer Partners closed on Thursday at $41.45.