Credit Suisse Reinstates Cheniere Energy Partners, LP (CQP) at Outperform
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Credit Suisse reinstates coverage on Cheniere Energy Partners, LP (NYSE: CQP) with a Outperform rating and a price target of $35.00.
Analyst Bhavesh Lodaya commented, "Cheniere's (CQP/LNG) 7 train portfolio has secured ~$4.25Bn/yr. of 20-yr take-or-pay fees, with upside from monetizing marketing capacity (~13% of total capacity) and potential upside from opportunistic investments in the global LNG landscape. As construction and export cargoes progress, investor confidence should increase and lower risk premium. We believe current prices present an attractive entry point to a story with potential for step-up in distribution / dividend growth as soon as1Q18. Within the complex, for conservative yield-focused investors, we recommend the safer CQP, albeit with limited upside/catalysts. For investors with a LT bullish view on commodity fundamentals, we recommend LNG which has exposure to most of the growth optionality, at the cost of higher volatility in its cash flows ."
Shares of Cheniere Energy Partners, LP closed at $29.06 yesterday.
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