Janney Montgomery Scott Starts Enbridge Energy Partners (EEP) at Buy; Expansion Projects Fuel Future Growth

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Janney Montgomery Scott initiates coverage on Enbridge Energy Partners (NYSE: EEP) with a Buy. PT $70.

JMS analyst says, "Major facility in Cushing, Oklahoma Equity Research offers storage in this bottlenecked Basic Report area...Expansion projects should fuel growth for the foreseeable future...Investment grade debt rating...Sustainable distribution growth-targeted at 2% to 5% per year...Limited exposure to fluctuations in the price of oil and natural gas...EEP currently trades at a 20.6 multiple on projected 2011distributable cash flow/unit."

For more ratings news on Enbridge Energy Partners click here and for the rating history of Enbridge Energy Partners click here.

Shares of Enbridge Energy Partners closed at $66.47 yesterday, with a 52 week range of $38.02-$67.02.

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