Wells Fargo Downgrades Enbridge Energy Management (EEQ) to Market Perform; Cutting Estimates & Valuation on Disappointing Guidance

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Wells Fargo downgraded Enbridge Energy Management (NYSE: EEQ) from Outperform to Market Perform with a price target range lowered from $31-33 from $33-35.

Wells analyst said, "While Enbridge is well positioned to benefit from favorable liquids fundamentals, in our view, distribution growth in the near term will likely be hampered by reduced volumes/activity tied to EEP’s dry gas systems, higher anticipated integrity expenditures, and the partnership’s financing requirements. Thus, we are also lowering our ratings for Enbridge Energy (NYSE: EEP) and EEQ to Market Perform."

For an analyst ratings summary and ratings history on Enbridge Energy Management click here. For more ratings news on Enbridge Energy Management click here.

Shares of Enbridge Energy Management closed at $33.79 yesterday, with a 52 week range of $25.29-$67.76.

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