Analyst Actions: Magellan Midstream Partners Downgraded, But PT Raised at Credit Suisse; Shares Down 1%

By Staff,

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Petroleum distributor Magellan Midstream Partners ( MMP ) has been downgraded to Neutral from Outperform by analysts at Credit Suisse. However, its price target has been raised from $44.50 to $46 a share.

MMP is down 0.92% in afternoon trading to $43.03.

"We continue to believe that MMP should trade at a healthy 150 bp premium to the AMZX given its above-sector distribution growth, predictable cash flows, absence of IDR burden, low risk business model, and strong balance sheet," said Credit Suisse in a report.

Shares of MMP are trading in a 52-week range of $30.88 - $45.58.

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

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

This article appears in: Investing Commodities
Referenced Stocks: MMP

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