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UPDATE: Wunderlich Securities Reiterates On Marlin Midstream Partners LP Following NuDevco Agreement

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In a report published Thursday, Wunderlich Securities analyst Abhishek Sinha reiterated a Buy rating on Marlin Midstream Partners LP (NASDAQ: FISH), and raised the price target from $20.00 to $24.00.

In the report, Wunderlich Securities noted, “Marlin Midstream Partners LP (FISH) announced that it has entered into a definitive agreement with its sponsor NuDevco Midstream Development for the purchase of the East New Mexico Transloading Facility for ~$7.4mm. Based on our analysis, the transaction is accretive by $0.07/unit with an implied EBITDA multiple of 5.3x. FISH also reported 2Q14 Adj. EBITDA of $9.0mm, in line with the consensus but marginally beating our estimate of $8.8mm. DCF for the quarter was at $8.6mm, implying a strong coverage ratio of 1.3x. With increased distribution outlook and solid coverage, FISH appears to be well positioned for the next level of growth but is still trading at a steep discount to its peer group. Updating the valuation model, we are raising the target price to $24.”

Marlin Midstream Partners LP closed on Wednesday at $19.93.

Latest Ratings for FISH

May 2015Stifel NicolausDowngradesBuyHold
Jan 2015Janney CapitalUpgradesBuy
Jan 2014Ladenburg ThalmannInitiates Coverage onBuy

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Posted-In: Abhishek Sinha Wunderlich SecuritiesAnalyst Color Price Target Analyst Ratings


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