Mizuho Securities Starts Buckeye (BPL) at Neutral
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Mizuho Securities initiates coverage on Buckeye (NYSE: BPL) with a Neutral rating and a price target of $76.00.
Analyst Brian Zarahn commented, "We are initiating coverage of BPL with a Neutral rating and $76 price target, based on the average of our $77 discounted cash flow model (9% discount rate) and $75 EV/Adjusted EBITDA valuation (14x multiple in 2017) methodologies. BPL is a stable, investment grade crude oil and refined products pipeline and storage focused MLP with mid-single digit distribution and a low cost of capital. Stability is supported by largely fee-based cash flows generated by transportation and storage assets. The Partnership has become more diversified in terms of cash flow, product and geographic mix largely through acquisitions, largely through acquisition of 80 mm barrels of liquids storage capacity in the New York Harbor, Caribbean and Gulf Coast. Our neutral rating is based on the favorable attributes are somewhat priced into the stock."
Shares of Buckeye closed at $71.22 yesterday.
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