Barclays Maintains an 'Equalweight' on Global Partners (GLP); 3Q Beat but Margin Pressure Persists

Barclays maintains an 'Equalweight' on Global Partners, L.P. (NYSE: GLP) price target of $22.00.

Barclays analyst says, "Strong contribution from retail gas station acquisition drives better-than-expected results but 2011 distribution coverage remains tight. Unfavorable distillate and gasoline forward curve drives tight coverage in 2011. However, solid cash flow generation from the New England gas station acquisition is a bright spot and will help GLP post 1.0x distribution coverage. Combining positive 3Q results, management reaffirmation of 2011 EBITDA guidance, cost cutting initiatives and new organic projects, we expect cash flow and distribution coverage to improve in 2012."

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 $20.70 yesterday.

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