Analyst Actions: Boardwalk Pipeline Partners Downgraded, TP Lowered at Credit Suisse; Shares Off 2%

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Boardwalk Pipeline Partners, LP ( BWP ) has been downgraded to Underperform from Neutral by analysts at Credit Suisse. The price target on the stock was also lowered to $27.50 from $28 a share.

"We believe that BWP's modest distribution growth outlook, re-contracting headwinds, and likely equity issuance to alleviate a relatively highly levered balance sheet (esp. for an investment grade MLP) leave BWP wanting when compared to other opportunities within the MLP sector," said Credit Suisse.

"Our FY2013 DCF/unit drops $0.13 to $2.17/unit while EBITDA falls $30mm to $814mm vs. consensus $2.26 and $803, respectively on minor adjustments to our gas storage margin assumptions due to tighter basis differentials and seasonal spreads."

The firm aslo revised its 2012, 2013 and 2014 EPU estimates on BWP to $1.39, $1.39 and $1.40, from $1.36, $1.44 and $1.48 respectively.

Shares of BWP are down 2.5% to $26.63, within a 52-week range of $23.55 - $29.16.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities


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