UBS Maintains a 'Neutral' on TC Pipelines (TCP); Waiting for Catalyst
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Price: $30.21 --0%
Rating Summary:
8 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
8 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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UBS maintains a 'Neutral' on TC Pipelines (NYSE: TCP) price target raised from $44 to $46.
UBS analyst says, "While we view favorably TCP’s conservative financial position (investment grade rating, 1.3x distribution coverage in 2011) and believe this could serve as a source of funding for future growth, we believe significant dropdowns from TCP’s sponsor, TransCanada, are unlikely to be forthcoming as its Keystone XL pipeline project hangs in limbo. Given our current forecast of 2-3% distribution growth in 2012 (lower than most Buy-rated names) and TCP’s current yield of 6.6%, we maintain our rating."
UBS lowers FY12 EPS estimate from $3.10 to $3.02 and FY13 from $3.01 to $2.89.
For an analyst ratings summary and ratings history on TC Pipelines click here. For more ratings news on TC Pipelines click here.
Shares of TC Pipelines closed at $47.00 yesterday.
UBS analyst says, "While we view favorably TCP’s conservative financial position (investment grade rating, 1.3x distribution coverage in 2011) and believe this could serve as a source of funding for future growth, we believe significant dropdowns from TCP’s sponsor, TransCanada, are unlikely to be forthcoming as its Keystone XL pipeline project hangs in limbo. Given our current forecast of 2-3% distribution growth in 2012 (lower than most Buy-rated names) and TCP’s current yield of 6.6%, we maintain our rating."
UBS lowers FY12 EPS estimate from $3.10 to $3.02 and FY13 from $3.01 to $2.89.
For an analyst ratings summary and ratings history on TC Pipelines click here. For more ratings news on TC Pipelines click here.
Shares of TC Pipelines closed at $47.00 yesterday.
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