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Atlas Pipeline gets Hold rating, $35 target from Deutsche Bank

Feb. 26, 2014 2:59 PM ETAtlas Pipeline Partners, L.P. (APL) StockAPLBy: Carl Surran, SA News Editor
  • Atlas Pipeline Partners (APL +0.2%) is initiated with a Hold rating and $35 price target at Deutsche Bank as a “premier midstream MLP" with gathering and processing assets and pipelines in liquids-rich shale plays.
  • The firm APL's solid earnings growth bolstered by its diversified well-positioned assets, sizable high-return expansion projects, and accretive acquisitions coupled with a strong hedging program and continued focus on de-risking the operations and financials support a 5%-7% distribution growth over the next few years.
  • However, DB is cautious about APL's 60% of EBITDA exposed to commodities, an elevated leverage ratio and 11% cost of capital vs. the 8% sector average.

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