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


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.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: BWP , WMB

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