UPDATE: Stifel Downgrades Salient MLP & Energy Infrastructure to Hold, Removes PT on Proposed Merger Announcement

In a report published Tuesday, Stifel analyst Selman Akyol downgraded the rating on

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.