Analyst Actions: Boardwalk Pipeline Upgraded To Neutral, PT Raised at Credit Suisse; Shares Up 1%

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Analysts at Credit Suisse have upgraded their coverage of Boardwalk Pipeline Partners, LP ( BWP ) to a Neutral rating from Underperform. The firm also raised its price target on the stock to $30 from $27.50

BWP Reports Mixed 1Q Results

"BWP's reported 1Q results were well below Credit Suisse and in-line Street on EBITDA though beat on DCF/unit. BWP reported $209mm of EBITDA vs. $210mm consensus. We had expected more of a seasonal lift and forecast $225mm. DCF/unit came in at $0.66 vs. $0.58 consensus and $0.60 CS but was aided by maintenance cap ex coming in well below our estimate due to timing," said Credit Suisse.

Bluegrass or Bust

"BWP has rallied 13.5% (vs. 5.1% for the AMZX) since the March 6th announcement of BWP's intention to form the Bluegrass JV with Williams ( WMB ) and rising investor demand for yield. We believe the project is likely to go forward and have included prelim estimates in our FY2015 results."

Shares of BWP are up 0.53% to $30.30 in mid-day trade, and move within a 52-week range of $23.55 - $31.10.



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

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This article appears in: Investing , Commodities

Referenced Stocks: BWP , WMB

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