In a report published Wednesday, Jefferies analyst Christopher Sighinolfi initiated coverage on Spectra Energy Partners LP SEP with a Hold rating and $45.00 price target.
In the report, Jefferies noted, “SEP boasts an enviable footprint of US transmission & storage assets, ~$11B in pending SE drop-downs, an IG-rated balance sheet, positive coverage & 23 consecutive quarterly distribution increases. However, units are up ~34% YTD and now trade with a yield near all-time lows. With its LP equity cost rising (IDR drag), we believe SEP's risk/reward profile is balanced at current levels and are initiating with a Hold.”
Spectra Energy Partners LP closed on Tuesday at $41.68.
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