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Magellan Midstream upgraded to Buy at UBS

  • Magellan Midstream Partners (MMP +0.3%) is upgraded to Buy from Neutral with an $82 price target at UBS, which says the next phases for Seabrook and Pasadena serve as potential catalysts but funding "could be a question" given management's history of not issuing equity.
  • UBS says the trends of rising domestic oil production and improvements in extraction costs benefit MMP, especially as the company evaluates opportunities in Galena Park and Pasadena Marine where it has a "firm and shadow backlog" of several attractive projects.
  • The firm also says MMP's stock valuation as measured by 2017 estimated EV/EBITDA and price/DCF remains a premium vs. some of its peers but has contracted lately, which makes the stock more attractive.

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MMP--
Magellan Midstream Partners, L.P.