UPDATE: UBS Upgrades Spectra Energy (SE) to Buy; Prices Already Reflect NGL Weakness

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(Updated - June 28, 2012 10:39 AM EDT)

UBS upgraded Spectra Energy (NYSE: SE) from Neutral to Buy. PT unchanged at $31.

Analyst, Christopher P. Sighinolfi, said, "With its enviable asset profile, deep inventory of organic expansion opportunities, proven executive team, strong balance sheet & ongoing dividend growth potential, there is much to like about SE. Share are off ~8% YTD and have underperformed the S&P 500 by nearly 1400 bps, largely due to the decline of NGL prices. Despite the NGL headwinds, we believe these are already in SE’s price and look favorably on its asset portfolio and growth prospects."

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

Shares of Spectra Energy closed at $28.22 yesterday, with a 52 week range of $22.80-$32.27.

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