Deutsche Bank Upgrades ONEOK Partners (OKS) to Hold
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Deutsche Bank upgraded ONEOK Partners (NYSE: OKS) from Sell to Hold with a price target of $42.00 (from $40.00).
Analyst Kristina Kazarian siad, "Our PT is based off a target yield (7.5% yield on our CY17 DPU estimate of $3.16) and a DDM (9.75% discount rate and 2.0% terminal growth rate, in-line with the industry avg.). Potential upside risks: 1) Improvement in commodity prices (NGLs), 2) more re-contracting to fee-based margins vs. POP, and 3) quicker resumption of distributions. Potential downside risks: 1) Lower commodity prices, 2) illiquid / unattractive capital markets, 3) rising rates, and 4) lower guidance."
Shares of ONEOK Partners closed at $39.05 yesterday.
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