Barclays Maintains an 'Equalweight' on Global Partners, L.P. (GLP); Acquisition Extends Efforts To Diversify Product Mix and Geographic Footprint

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

Barclays analyst says, "Our first take is modestly positive, expect modest distribution bump in 2012. We believe the $296MM acquisition will improve GLP's distribution coverage and allow the Partnership to increase its distribution in 2012, rather than our previous expectation of 2013. The transaction is an extension of GLP's strategy to reduce cash flow volatility by shifting its mix away from heating fuels to less weather sensitive transportation fuels such as gasoline. We are slightly increasing our 2012/2013 distribution growth forecasts from 0.0%/1.5% to 0.5%/2.0%, but leave our PT at $22 as we take a conservative approach due to acquisition accretion." (Barclays raises FY12 EPS estimate from $1.15 to $1.63)

For an analyst ratings summary and ratings history on Global Partners, L.P. click here. For more ratings news on Global Partners, L.P. click here.

Shares of Global Partners, L.P. closed at $19.91 yesterday.

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