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UPDATE: Stifel Downgrades Salient MLP & Energy Infrastructure On Proposed Merger Announcement

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In a report published Tuesday, Stifel analyst Selman Akyol downgraded the rating on Salient MLP & Energy Infrastructure (NYSE: SMF) from Buy to Hold, and removed the $30.00 price target.

In the report, Stifel noted, “At this time, we are lowering our rating to Hold from Buy as shares are trading at an approximate 0.3% premium to NAV. In addition, upon merging with SMM, SMF shareholders will receive SMM shares, which have traded at an approximate 4.9% discount on average over the past year. The IRS ruling on SMF's C-Corp blocker structure is still pending, which could provide another headwind.

"We expect SMF's distribution growth to be limited with the IRS case pending, but continue to anticipate 6-8% distribution growth for MLPs.”

Salient MLP & Energy Infrastructure closed on Monday at $32.98.

Latest Ratings for SMF

DateFirmActionFromTo
Jun 2014DowngradesBuyHold
Dec 2013UpgradesHoldBuy
Apr 2013UpgradesHoldBuy

View More Analyst Ratings for SMF
View the Latest Analyst Ratings

Posted-In: Selman Akyol StifelAnalyst Color Downgrades Analyst Ratings

 

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