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

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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.

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This article appears in: Investing , Commodities

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