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Wells Fargo Downgrades Exterran Partners (EXLP) to Market Perform

November 7, 2012 8:27 AM EST Send to a Friend
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Price: $29.52 --0%

Rating Summary:
    3 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 1 | Down: 0 | New: 1
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Wells Fargo downgraded Exterran Partners (NASDAQ: EXLP) from Outperform to Market Perform with a price target of $22-$24.

The firm commetns, "We are downgrading EXLP to Market Perform from Outperform primarily on valuation as the partnership’s near-term growth potential appears fairly reflected in the current unit price. While domestic demand for contract compression appears to be fairly stable based on Q3 2012 results, the weak natural gas price environment will likely inhibit the partnership’s ability to accelerate its growth rate in the near term, in our view. Q3 results were ahead of expectations due to higher than anticipated operating horsepower. We are raising our 2012 DCF/unit estimate to $2.61 from $2.44 primarily to reflect the positive Q3 variance. EXLP delivered distribution growth of 4.1% yr/yr, in line with our forecast. Accordingly, there is no change to our distribution growth estimates of approximately 4% for 2012 and 3% for 2013."

For an analyst ratings summary and ratings history on Exterran Partners click here. For more ratings news on Exterran Partners click here.

Shares of Exterran Partners closed at $23.30 yesterday.




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