Bernstein Downgrades Energy Transfer Equity, L.P. (ETE) to Market Perform

Bernstein downgraded Energy Transfer Equity, L.P. (NYSE: ETE) from Outperform to Market Perform with a price target of $19.00 (from $18.00).

Analyst Jean Ann Salisbury comments "Though we still expect Rover to receive its FERC certificate, it is now behind the typical FERC schedule. On December 16th, Energy Transfer asked FERC to approve the pipeline by the end of 2016, arguing that otherwise it would be subject to a full year's delay. Beyond losing a year's worth of Rover earnings, the bigger downside would be if delays allow Ascent or other shippers to reduce or change their commitments; the confidentiality of the agreements has not allowed Energy Transfer to provide clarity, but we view it as a risk nonetheless."

For an analyst ratings summary and ratings history on Energy Transfer Equity, L.P. click here. For more ratings news on Energy Transfer Equity, L.P. click here.

Shares of Energy Transfer Equity, L.P. closed at $19.86 Friday.

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