Credit Suisse Downgrades Midcoast Energy Partners, L.P. (MEP) to Underperform
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Credit Suisse downgraded Midcoast Energy Partners, L.P. (NYSE: MEP) from Neutral to Underperform with a price target of $6.00 (from $9.00).
Analyst J. Edwards commented, "With peak earnings week now in the rearview, we are able to more carefully study the 10-Q filed by MEP. Applying management's commentary to our forecast leads us to materially lower our 2017 estimates for MEP, and consequently downgrade our rating from Neutral to Underperform. Specifically, we highlight Management's Discussion and Analysis regarding Texas Express and hedging positions."
Shares of Midcoast Energy Partners, L.P. closed at $7.40 yesterday.
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