Barclays Maintains an 'Equalweight' on Enbridge Energy Partners (EEP); Adds Diverse Set of Growth Projects

Barclays maintains an 'Equalweight' on Enbridge Energy Partners (NYSE: EEP) price target of $33.00.

Barclays analyst says, "Modestly raising our distribution growth estimates due to added organic projects. Increasing distribution CAGR (2012-2015) estimate from 2.6% to 3.2% due to diverse set of projects including crude pipe expansions on Bakken and Lakehead systems and NGL processing and pipeline projects in the Granite Wash. We maintain our $33 price target, as slightly higher growth estimate is offset by a modestly higher target yield (from tighter-than-average coverage). Our $33 PT is based on a 12-month distribution run rate of $2.18 (previously $2.17) and 6.6% target yield (previously 6.5%)." (Barclays raises FY11 EPS estimate from $1.37 to $1.41 and FY12 from $1.55 to $1.65)

For more ratings news on Enbridge Energy Partners click here and for the rating history of Enbridge Energy Partners click here.

Shares of Enbridge Energy Partners closed at $30.44 yesterday.

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