Marlin Midstream Partners initiated at Stifel, Baird

|By:, SA News Editor

Marlin Midstream Partners (FISH) is initiated with a Buy rating and $23 price target at Stifel and an Outperform rating and identical $23 target at Robert W. Baird.

Stifel believes FISH has a very supportive general partner whose economic interests are aligned and should support growth through a strategy of asset dropdowns.

Baird estimates FISH's stable, fee-based model in natural gas processing and crude logistics can grow distributions at an above-average 12% rate, but the small float and limited visibility into timing keeps it from a more optimistic stance.