UPDATE: Wunderlich Securities Transferred Coverage On Cypress Energy Partners LP On Unique Business with Solid Growth Prospects

In a report published Thursday, Wunderlich Securities analyst Abhishek Sinha transferred coverage on

with a Buy rating and $29.00 price target. In the report, Wunderlich Securities noted, “We are transferring coverage of Cypress Energy Partners (CELP) with a Buy rating and a $29 price target. CELP appears to be well positioned to grow its water disposal and inspection services business both organically and through acquisitions. We believe that CELP's business model can sustain a 3-year dist. CAGR of 10%. Drop downs or acquisitions could further accelerate the distribution growth rate. Potential drop down of the remaining 49% interest in TIR entities remains a trump card in our view for CELP which it could execute anytime to fuel growth. The current moratorium in place on PLRs have also benefited partnerships like CELP that have a unique business model and are already operating as a public entity facing relatively less competition.” Cypress Energy Partners LP closed on Wednesday at $24.69.