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DCP Midstream cut to Sell at UBS

Jun. 25, 2015 2:52 PM ETPhillips 66 (PSX) StockPSXBy: Carl Surran, SA News Editor1 Comment
  • DCP Midstream Partners (DPM -2.4%) is downgraded to Sell from Neutral with a $31 price target, cut from $41, at UBS on the back of the firm's natural gas liquids pricing revision, which prompted a similar downgrade of Chesapeake Energy.
  • UBS expects weakness in propane/butane to continue in the near term before staging a recovery in Q4, and thus will continue to pressure DPM's credit profile.
  • The firm lowers its 2015, 2016 and 2017 EBITDA estimates to a respective $629M, $621M and $692M from $641M, $665M and $744M to reflect the impact of changes to its forecasts and acknowledge that further slowdowns in drilling activity could pressure volumes.

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