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Magellan Midstream started a Buy at Wunderlich

  • "We believe (MMP -0.2%) warrants a premium valuation versus its peer group given the company's premier asset base, and its strong and visible near-term distribution growth supported by a solid coverage ratio," says analyst Abhishek Sinha, starting the stock with a Buy and $71 price target.
  • The absence of incentive distribution rights (IDR) allows Magellan one of the lowest costs of capital in the sector. The $71 PT and distribution forecast implies a total return potential of about 17% and results in a 3.5% targeted yield.

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MMP--
Magellan Midstream Partners, L.P.