Wachovia Downgrades Inergy Holdings (NRGP) To Market Perform
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Wachovia downgrades Inergy Holdings (Nasdaq: NRGP) from Outperform to Market Perform.
The downgrade is based on the fact its units are still trading within Wachovia's new valuation
of $36 to $38 and its recent strong price performance. Year-to-date, Inergy Holdings' unit price is up 73% compared to Inergy, L.P. (Nasdaq: NRGY), the General Partner peer group, the Wachovia MLP index and the S&P 500 index which are up 34%, 35%, 20% and less than 1%, respectively. Also, based on the current yield, NRGP now yields 8.0% compared to 11.4% for NRGY. This 340 basis point yield spread is now greater than the historic average spread of approximately 320 basis points and therefore Wachovia thought it was prudent to downgrade Inergy.
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