- Buckeye Partners (BPL -3.1%) is sharply lower along with most energy stocks even as DA Davidson upgrades shares to Buy from Neutral with a $69 price target, as it suggests staking advantage of BPL's 16% pullback during the past month.
- The firm says BPL's transformation into a diversified fee-based business model, improving cash flow, enhanced credit metrics and moderate cash distribution growth has helped the company weather the turmoil in the MLP space for much of this year, but the recent group turmoil and oil price weakness has sent shares ~26% lower YTD.