Barclays Maintains an 'Overweight' on DCP Midstream Partners (DPM); Adjusting Numbers on Lowered Forecast

May 14, 2012 3:06 PM EDT
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Price: $37.60 +1.08%

Rating Summary:
    4 Buy, 12 Hold, 2 Sell

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    Up: 30 | Down: 30 | New: 23
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Barclays maintains an 'Overweight' on DCP Midstream Partners (NYSE: DPM) price target lowered from $55 to $50.

Analyst, Helen Ryoo, said, "Investment in DPM offers sponsor-led visible growth along with attractive yield: While DPM lowered its 2012 DCF forecast to $165-$180 mm (from $180-$190 mm) driven by reduced NGL price assumptions, DPM reiterated its 3-year distribution growth outlook, calling for 6-8% growth in 2012, followed by 6-10% in each of 2013 and 2014. We estimate DPM can grow distribution at a 5-year CAGR of 6.8%, supported by visible sponsor-led growth."

However, Ryoo, lowers her price target to $50, citing higher G&P sector yield. FY12 EPS estimate cut from $2.17 to $1.24 and FY13 from $3.53 to $2.91.

For an analyst ratings summary and ratings history on DCP Midstream Partners click here. For more ratings news on DCP Midstream Partners click here.

Shares of DCP Midstream Partners closed at $42.64 yesterday.

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