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UPDATE: Bank of America Merrill Lynch Upgrades CorEnergy Infrastructure Trust to Neutral, Reiterates $6.50 PT

CorEnergy M&A Strategy, Dividend Coverage Concerns Lead To Downgrade
7 Biggest Price Target Changes For Tuesday

In a report published Monday, Bank of America Merrill Lynch upgraded its rating on Corenergy Infrastructure Trust (NYSE: CORR) from Underperform to Neutral, and reiterated its $6.50 price target.

BofA Merrill Lynch noted, “CORR's recently completed $229mn LGS acquisition should facilitate its conversion to a REIT in 2013. We see CORR benefitting from the high quality, transparent cash flow streams from LGS. The acquisition should also facilitate a dividend bump to $0.50/share. Benefits from the LGS transaction are offset by limited organic upside potential and funding constraints associated with potential future M&A. Overall, we believe CORR deserves to trade at a higher yield than the MLP sector.”

Corenergy Infrastructure Trust closed on Friday at $5.98.

Latest Ratings for CORR

Jun 2017Bank of AmericaDowngradesNeutralUnderperform
Mar 2017Stifel NicolausDowngradesBuyHold
Nov 2016Stifel NicolausUpgradesHoldBuy

View More Analyst Ratings for CORR
View the Latest Analyst Ratings

Posted-In: Bank of America Merrill LynchAnalyst Color Upgrades Analyst Ratings


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