- Calumet Specialty Products (CLMT -2.6%) is downgraded to Sector Perform from Outperform with a $31 target price, down from $36, at RBC Capital, which sees weak distribution coverage in 2013, exacerbated by high turnaround costs, and unlikely distribution growth in the near-term.
- The firm thinks CLMT has liquidity to support sub-par distribution coverage, which should improve next year as projects come online and turnaround costs abate, but sees CLMT keeping a discount to MLP peers as the likelihood of growth remains limited.
From other sites
Calumet Specialty Products Partners : Announces Pricing of $325 Million Private Placement of 7.75% Senior Notes due 2023at 4-traders.com (Tue, 5:35PM)
at 4-traders.com (Mon, 7:05AM)
at Zacks.com (Mar 18, 2015)
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at Nasdaq.com (Jan 29, 2015)
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