UPDATE: Credit Suisse Upgrades AmeriGas Partners LP On Valuation

In a report published Friday, Credit Suisse analyst John Edwards upgraded the rating on

from Underperform to Neutral, and raised the price target from $43.00 to $44.00. In the report, Credit Suisse noted, “APU reported adjusted EBITDA $331.2mm, in-line with our estimate of $334.5mm and higher than the Street's $306.1mm. DCF came in at $272.5mm, 3% below our estimate of $280.5mm, driven by higher maintenance cap ex spend timing. F2Q14 propane margins came in at $1.09/gal, compared to our estimate of $1.01/gal due to higher avg. selling prices. Mgmt increased F2014 EBITDA guidance by $8mm, to $660-$675mm vs. last quarter's guidance. "Our estimates remain towards the higher end of this range. Given APU's lagging performance (down 1% YTD), our TP of $44 (from $43) suggests a total return potential of ~10%, including APU's attractive 8% yield. This is more in line with our Neutral-rated names, hence the upgrade.” AmeriGas Partners LP closed on Thursday at $44.64.