Skip to main content

Market Overview

UPDATE: Bank of America Upgrades Suburban Propane Partners to Buy on Growth Potential

Share:

Bank of America upgraded Suburban Propane Partners (NYSE: SPH) from Neutral to Buy and maintained a $45.00 price objective.

Bank of America noted, "We upgrade SPH to Buy (from Neutral) as we see the potential for a resumption in distribution growth following SPH's acquisition of NRGY's retail propane assets. From a valuation perspective, we see SPH's current yield of 8.5% as not accurately reflecting its growth potential, improving balance sheet, and expected lack of equity issuance. We believe there is potential for upside to distributions beginning in 2013 as SPH realizes synergies associated with the NRGY propane acquisition. SPH should also benefit from a technical perspective due to a lack of equity needs in 2013, particularly relative to some of its propane peers (i.e. APU) that have a material equity overhang."

Suburban Propane Partners closed at $41.36 on Monday.

Latest Ratings for SPH

DateFirmActionFromTo
Oct 2020Argus ResearchUpgradesSellHold
Oct 2020Raymond JamesMaintainsOutperform
Jul 2020Wells FargoMaintainsEqual-Weight

View More Analyst Ratings for SPH
View the Latest Analyst Ratings

 

Related Articles (SPH)

View Comments and Join the Discussion!

Posted-In: Bank of AmericaAnalyst Color Upgrades Analyst Ratings

Latest Ratings

StockFirmActionPT
KRYSHC Wainwright & Co.Maintains103.0
OTRKRBC CapitalDowngrades32.0
EVHCanaccord GenuityMaintains24.0
BMRNCanaccord GenuityMaintains91.0
ONTFCanaccord GenuityInitiates Coverage On65.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com