MLPs under pressure until oil prices bottom, Credit Suisse says

• The energy analyst team at Credit Suisse today cut price targets on 10 top MLPs even while upgrading Energy Transfer Partners, expecting the group to remain broadly under pressure in the near term until crude oil prices find a floor and despite positive valuation indicators based on yield spreads.
• Credit Suisse expects crude to bottom some time later in Q1, most likely in March as refineries are in full turnaround season, undercutting crude oil demand; the debate is how long crude takes to rebound off the lows.
• The firm applied price target cuts for BBEP, DPM, ENLC, [ETP, [EVEP]], MWE, MEP, NGLS, TRGP and RGP.