QR Energy upgraded to Buy at Wunderlich


QRE Energy (QRE +2.8%) is upgraded to Buy from Hold with a $24.50 price target, up from $18, at Wunderlich, which believes shares are trading at a significant discount to arbitrage parity and offers a 32% total return.

QRE and BreitBurn Energy Partners (NASDAQ:BBEP) recently announced the signing of a merger deal in which BBEP would acquire QRE in a unit-for-unit exchange; the firm notes its Buy rating is anchored on its investment thesis for BBEP, assuming that the merger would go through.

Comments (4)
  • Peppino
    , contributor
    Comments (32) | Send Message
     
    Hope the deal will fall through.
    QRE is worth more.
    28 Jul 2014, 05:42 PM Reply Like
  • Tonman
    , contributor
    Comments (44) | Send Message
     
    Who else in the MLP world would be ripe as a takeover target? LRE?
    29 Jul 2014, 02:13 PM Reply Like
  • arthur_bishop1972
    , contributor
    Comments (3757) | Send Message
     
    Yup.
    29 Jul 2014, 07:44 PM Reply Like
  • Clayton Rulli
    , contributor
    Comments (3242) | Send Message
     
    10% dillution to BBEP, now what was that about arbitrage parity?
    7 Oct 2014, 11:43 AM Reply Like
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