Seeking Alpha

Boardwalk Partners, Regency Partners upgraded at BAML

  • Boardwalk Pipeline Partners (BWP +3.2%) is upgraded to Neutral from Underperform with a $16 price target, up from $14, at BofA/Merrill, as reports indicate BWP has concluded a successful binding open season in contracting some legacy south-to-north pipeline capacity to a north-to-south flow, which could help stabilize BWP's base business.
  • BWP also may have several other potential pipeline reversals on the table, and recent natural gas spreads and volatility also may provide some near-term uplift for BWP's storage and pipeline businesses.
  • The firm also upgrades Regency Energy Partners (RGP +0.4%), to Buy from Neutral with a $30 price target, believing units are overly discounting RGP's tight coverage and relatively expensive up-front multiples for recent acquisitions.
Comments (1)
  • ComputerBlue
    , contributor
    Comments (682) | Send Message
     
    More upside than downside for BWP.
    14 Apr, 02:12 PM Reply Like
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