Deutsche Bank Upgrades ONEOK Inc (OKE) to Hold
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Deutsche Bank upgraded ONEOK Inc (NYSE: OKE) from Sell to Hold with a price target of $52.00 (from $49.00).
Analyst Kristina Kazarian said, "Our PT is based off a target yield (4.75% yield on our CY17 DPU estimate of $2.46 in recognition of more stabilized cash flows) and a DDM (7.25% discount rate and 2.0% terminal growth rate, in-line with the industry avg.). Potential upside risks: 1) Higher CF at OKS, 2) more equity issuances at OKS, 3) improvement in the commodities, and 4) resumption in dividends. Potential downside risks: 1) Lower commodities, 2) illiquid capital markets, 3) rising rates, and 4) lower guidance."
Shares of ONEOK Inc closed at $49.36 yesterday.
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