Wunderlich Securities Reiterates a 'Buy' on Inergy (NRGY); Raises Price Target
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Wunderlich Securities reiterates a 'Buy' on Inergy (Nasdaq: NRGY), raises price target from $28.50 to $30.50.
Wunderlich analyst says, "With a strong strategic position in natural gas storage atop the Marcellus Shale in New York state, coupled with ready access to both debt and equity markets, Inergy is uniquely poised to shrug off the broader economic malaise and grow its midstream operations for several years, in our opinion. Based on the outperformance in the quarter in the face of customer conservation in propane, we are raising our target to $30.50 from $28.50 to reflect a higher applied yield on distributable cash flow resulting in a ~10.5 multiple on our FY10 EBITDA estimate. We expect NRGY to benefit as MLP yields continue to normalize. We reiterate our Buy rating."
Inergy, L.P. (Inergy) owns and operates a diverse retail and wholesale propane supply, marketing and distribution business.
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