Simmons Downgrades Spectra Energy Partners (SEP) to Neutral
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Simmons, a unit of Piper Jaffray, downgraded Spectra Energy Partners (NYSE: SEP) from Overweight to Neutral with a price target of $51.00 (from $60.00).
Analyst Brian Gamble commented, "For SEP, we still believe the assets and growth potential remain undervalued, but as the cheapest currency in the ENB family of companies, SEP could logically become the currency of choice in 2017. The ATM is an overhang here. SEP's cheap equity could serve as a financing vehicle for C-Corp spending, or as the surviving consolidator of the two MLP structures. We are lowering our rating to Neutral until we gain additional clarity around the multitude of options at the SEP level. We reduce our PT to $51/u from $60/u."
Shares of Spectra Energy Partners closed at $44.85 yesterday.
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