UPDATE: Goldman Sachs Starts Phillips 66 Partners (PSXP) at Neutral
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(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.
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