UPDATE - UBS Upgraded Spectra Energy Partners (SEP) to Buy; An Attractive Entry Point

UPDATE - UBS upgraded Spectra Energy Partners (NYSE: SEP) to Buy from Neutral. PT remains $34.

UBS analyst said, "With ample distribution coverage, a track record of successful acquisitions/organic growth initiat ives, consistent distribution increases, and a committed sponsor, we believe there is a lot to like about SEP. The company’s strong operational performance through varied market conditions since its 2007 IPO illustrates the strength of SEP’s asset profile and management team. A pull back (units have slid ~6% YTD) due in part to a recent equity raise to fund its Big Sandy Pipeline purchase, has rebalanced SEP’s risk/reward profile and we are upgrading to Buy on valuation."

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