Wunderlich Securities Initates Coverage on Inergy (NRGY) with a Buy

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Wunderlich Securities initates coverage on Inergy (Nasdaq: NRGY) with a Buy. Price target $28.50.

Wunderlich analyst says, "We conclude that NRGY units have strong defensive attributes based on stable cash flows from the distribution of necessity products and fee-based midstream operations. Coupled with the potential for a more normalized yield valuation over time, we believe the units have upside potential from current levels...NRGY has shown a remarkable ability to maintain margin in the face of weather-driven volume variability and customer conservation...NRGY has a strong cash flow cushion that protects its distribution to limited partners, which we expect to continue."

Inergy, L.P. (Inergy) owns and operates a diverse retail and wholesale propane supply, marketing and distribution business.

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