UBS Adjusts Estimates on Midcoast Energy Partners (MEP); Cuts Price Target to $6.50
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UBS maintained a Neutral rating on Midcoast Energy Partners, L.P. (NYSE: MEP), and cut the price target to $6.50 (from $7.50). UBS no longer expects EEP will dropdown additional interest in Midcoast Energy to MEP, and as such decided to lower EBITDA estimates for 2017/2018/2019.
Analyst Shneur Gershuni commented, "During 3Q16 earnings, MEP didn’t provide any update on the strategic review with EEP, but noted that due to the announced transaction between SE and ENB, the strategic evaluation could be extended into 2017 which was not a surprise."
Shares of Midcoast Energy Partners, L.P. closed at $7.00 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesUBS, Earnings
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