Williams Partners upgraded at BAML on improved NGL fundamentals

Williams Partners (WPZ +2%) is upgraded to Buy from Neutral with a $55 price target (from $51) at BofA Merrill Lynch on improving natural gas liquid fundamentals and frack spreads, the removal of WPZ's near-term equity overhang and relative underperformance YTD.

While NGL prices remain depressed, improving propane prices have sparked a rebound since June, which the firm says bodes well for WPZ's commodity sensitive businesses (35% of total estimated 2013 EBITDA) given its less aggressive hedge program.

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