UPDATE: Goldman Sachs Starts Buckeye (BPL) at Neutral
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(Updated - August 25, 2016 9:38 AM EDT)
Goldman Sachs initiated coverage on Buckeye (NYSE: BPL) with a Neutral rating and a price target of $78. Analyst Jerren Holder said valuation largely reflects its average distribution growth outlook
" BPL operates primarily fee-based, demand pull assets that transports and provides storage for petroleum products in the US Midwest, Northeast, Gulf Coast and Caribbean. We believe BPL can continue to expand its pipeline, storage and terminalling capacity at favorable returns given attractive organic growth opportunities. However, on a risk-adjusted basis, we believe valuation largely reflects its average distribution growth outlook," said Holder.
Shares of Buckeye closed at $69.90 yesterday.
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