UPDATE: Bank of America Reduces PO to $31 on Spectra Energy on NGL Backdrop

Bank of America reiterated its Buy rating on Spectra Energy

and reduced its price objective from $33 to $31. Bank of America noted, "Since the end of July, SE shares have declined 10%, which we view as overdone. We believe performance primarily reflects ongoing investor concerns regarding weak natural gas liquids (NGL) prices impacting the more commodity sensitive businesses within SE's portfolio and necessitating downwards earnings revisions. … We are revisiting our ests to incorporate 3Q12 results and other developments. We continue to believe SE should benefit from project execution (mostly from feebased expansions), recent transactions, and a somewhat supportive NGL commodity price environment over the medium term." Spectra Energy closed at $27.83 on Wednesday.