Simmons Upgrades Enbridge Energy Partners (EEP) to Overweight
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Simmons, a unit of Piper Jaffray, upgraded Enbridge Energy Partners (NYSE: EEP) from Neutral to Overweight with a price target of $28.00 (from $25.00).
Analyst Brian Gamble commented, "Upgrading EEP to OW as we believe EEP could be the biggest winner over the short term as a strengthened ENB parent provides much better cover for the MLP. If ENB decides to continue post-close with two MLP vehicles, EEP continues to hold growth potential. If ENB decides to roll the MLPs into one vehicle, EEP likely benefits from a yield spread true up with SEP (current EEP yield 9.7%, current SEP yield 6.0%). We are raising our PT to $28/u from $25/u."
Shares of Enbridge Energy Partners closed at $24.61 yesterday.
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