Deutsche Bank Upgrades Buckeye (BPL) to Buy
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Price: $69.57 +0.65%
Rating Summary:
3 Buy, 7 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
3 Buy, 7 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade BPL Now!
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, with a 52 week range of $44.55-$67.48.
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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, with a 52 week range of $44.55-$67.48.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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