UPDATE: Jefferies Initiates Coverage on Williams Partners LP with Buy Rating, $55 PT on Strong Portfolio, Committed Sponsor, Growth Projects

In a report published Wednesday, Jefferies analyst Christopher Sighinolfi initiated coverage on

with a Buy rating and $55.00 price target. In the report, Jefferies noted, “With a strong portfolio of US-based midstream assets, a committed sponsor, and $7B of identified growth projects through 2015, WPZ is poised to remain a dominant midstream player. While its keep-whole exposure, Geismar uncertainty, and seemingly perpetual equity overhang have pressured unit prices, we believe the toughest periods are behind WPZ. Its attractive ~7% yield provides a favorable entry point and we are initiating with a Buy.” Williams Partners LP closed on Tuesday at $49.33.