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UPDATE: Credit Suisse Upgrades Boardwalk Pipeline Partners LP to Neutral Following 1Q Miss


In a report published Tuesday, Credit Suisse analyst John Edwards upgraded the rating on Boardwalk Pipeline Partners LP (NYSE: BWP) from Underperform to Neutral, and raised the price target from $27.50 to $30.00.

In the report, Edwards noted, “Our FY2013 EBITDA estimate drops by $16mm to $798mm following the 1Q miss. Our DCF/unit estimate remains $2.17 as the $0.06/unit beat in 1Q was largely due to maintenance cap ex coming in light for the quarter. We are raising our 2013 EPS estimates to $1.41 (from $1.39). BWP's reported 1Q results were well below Credit Suisse and in-line Street on EBITDA though beat on DCF/unit. BWP reported $209mm of EBITDA vs. $210mm consensus. We had expected more of a seasonal lift and forecast $225mm. DCF/unit came in at $0.66 vs. $0.58 consensus and $0.60 CS but was aided by maintenance cap ex coming in well below our estimate due to timing.”

Boardwalk Pipeline Partners LP closed on Monday at $30.14.

Latest Ratings for BWP

Jul 2018MaintainsEqual-WeightEqual-Weight
Jun 2018DowngradesOverweightNeutral
May 2018MaintainsEqual-WeightEqual-Weight

View More Analyst Ratings for BWP
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Posted-In: Credit SuisseAnalyst Color Upgrades Analyst Ratings


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