Barclays Maintains an 'Equalweight' on Global Partners, L.P. (GLP); Volumes Up, Margins Down as Expected

Barclays maintains an 'Equalweight' on Global Partners, L.P. (NYSE: GLP), PT $27.

Barclays analyst says, "Similar to 4Q10, DCF declined from lower margins and higher interest expense, offsetting higher volumes. Continued unfavorable market conditions for distillate and higher working capital/debt balance negated volume growth from New England retail gas station acquisition. With GLP entering the seasonally weak 2Q and 3Q, we expect units to be range bound near current levels. We maintain our $27 price target, based on a 12-month distribution run rate of $2.03 and 7.6% target yield." (Barclays cuts FY11 EPS estimate from $1.76 to $1.24, FY12 remains at $1.70)

For more ratings news on Global Partners, L.P. click here and for the rating history of Global Partners, L.P. click here.

Shares of Global Partners, L.P. closed at $25.00 yesterday.

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