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Deutsche Bank Upgrades Buckeye (BPL) to Buy

November 5, 2012 8:13 AM EST Send to a Friend
Get Alerts BPL Hot Sheet
Price: $77.38 -0.55%

Rating Summary:
    5 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 13 | New: 4
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Deutsche Bank upgraded Buckeye (NYSE: BPL) from Hold to Buy with a price target of $60.00.

The firm comments, "BPL has struggled this year with declines in natural gas storage rates, uncertainty in growth in its Pipeline & Terminals business and a products pipeline tariffs dispute that has resulted in a FERC show cause order. While these items are not complete, the combination of 3Q12 results being 13% above estimates, a distribution payout ratio of 1.19, a distribution increase at a 4.8% annual rate and the current yield of 8.4% support our increase in rating at this time. Our target price is derived both from the dividend discount model described below and an objective that BPL should trade to a 7% yield (10% premium to the group) and a $60 target price."

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

Shares of Buckeye closed at $49.46 yesterday.




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