UPDATE: Goldman Sachs Starts Phillips 66 Partners (PSXP) at Neutral
- Futures flat as countdown to Trump's inauguration begins
- Netflix, Inc. (NFLX) Tops Q4 EPS by 1c; Subs Beat Views
- Apple (AAPL) PT Raised to $140 at BofA/Merrill Lynch; iPhone 8 Will be 'Super-Long' Cycle
- Morgan Stanley Upgrades Tesla Motors (TSLA) to Overweight
- Oil rallies from one-week low as IEA sees tighter market
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
(Updated - August 25, 2016 9:40 AM EDT)
Goldman Sachs initiated coverage on Phillips 66 Partners (NYSE: PSXP) with a Neutral rating and a price target of $52. Analyst Jerren Holder thinks growth is largely already priced in.
"We forecast 29%/24% distribution growth in 2017/2018 given its parent’s dropdown inventory of midstream assets and organic growth under development. However, we believe this growth is largely already priced into its equity valuation based on PSXP’s 4.2% current yield (vs. MLP average 7.3%)," said the analyst.
Shares of Phillips 66 Partners closed at $48.70 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: HSBC Starts Charter Communications (CHTR) at Hold
- Netflix (NFLX) PT Raised to $150.00 at BMO Capital; Keeps 'Market Perform'
- Netflix (NFLX) PT Raised to $160 at Guggenheim
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, New Coverage
Related EntitiesGoldman Sachs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!