UPDATE: Stifel Upgrades CorEnergy Infrastructure Trust (CORR) to Buy
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(Updated - November 15, 2016 9:31 AM EST)
Stifel upgraded CorEnergy Infrastructure Trust (NYSE: CORR) from Hold to Buy with a price target of $34.
"CorEnergy Infrastructure Trust, Inc. announced Ultra Petroleum’s subsidiary has agreed to assume the lease on CORR's Pinedale Liquids Gathering System without amendment. Management has consistently argued CORR’s Pinedale system is critical to Ultra’s ability to generate cash flow and today’s announcement is confirmation. We previously applied a 1x discount to our assumed 9.5x targeted multiple due to uncertainty around the Pinedale asset. Given today’s announcement, we are upgrading CORR to Buy and increasing our target price to $34.00 from $27," said analyst Selman Akyol.
Shares of CorEnergy Infrastructure Trust closed at $30.80 yesterday.
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