Stifel Upgrades Williams Partners LP (WPZ) to Buy
Get Alerts WPZ Hot Sheet
Rating Summary:
14 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 4 | New: 4
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Stifel upgraded Williams Partners LP (NYSE: WPZ) from Hold to Buy with a price target of $43.00 (from $37.00).
Analyst Selman Akyol commented, "After market close Williams Partners L.P. announced a “financial repositioning” that is expected to simplify WPZ’s corporate structure and enhance its financial metrics. The repositioning entails the elimination of WPZ’s incentive distribution rights (IDRs), a distribution cut, and a private placement of units to WPZ’s sponsor. As our previous concerns around the WPZ story were largely focused on the value creation proposition given the high cost of capital, we view today’s announcement favorably and believe management has positioned WPZ well for a sustainable future of growth. While units are currently indicated to open tomorrow at $36.12 or down 6.5% from today’s close, we are raising our rating to Buy from Hold and establishing a $43.00 target price."
For an analyst ratings summary and ratings history on Williams Partners LP click here. For more ratings news on Williams Partners LP click here.
Shares of Williams Partners LP closed at $38.66 yesterday.
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