Wells Fargo Downgrades Teekay LNG Partners (TGP) to Market Perform On Valuation
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Price: $16.98 --0%
Rating Summary:
6 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
Rating Summary:
6 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
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Wells Fargo downgraded Teekay LNG Partners (NYSE: TGP) from Outperform to Market Perform but raised their valuation range to $38.00 to $40.00 from $36.00 to $38.00.
The firm believes that the intermediate term positive outlook for LNG is reflected in the unit price, noting units are up 25% since November 2011 versus 9% for S&P 500 Index and 12% for the Wells Fargo Securities, LLC MLP Index.
Wells Fargo raised their price target based on an increase to their DCF expectations related to the Marubeni JV acquisition and favorable long-term fundamentals.
2012 and 2013 DCF per unit estimates are now $3.52 and $3.56 compared to previous estimates of $3.39 and $3.42.
For an analyst ratings summary and ratings history on Teekay LNG Partners click here. For more ratings news on Teekay LNG Partners click here.
Shares of Teekay LNG Partners closed at $40.33 yesterday.
The firm believes that the intermediate term positive outlook for LNG is reflected in the unit price, noting units are up 25% since November 2011 versus 9% for S&P 500 Index and 12% for the Wells Fargo Securities, LLC MLP Index.
Wells Fargo raised their price target based on an increase to their DCF expectations related to the Marubeni JV acquisition and favorable long-term fundamentals.
2012 and 2013 DCF per unit estimates are now $3.52 and $3.56 compared to previous estimates of $3.39 and $3.42.
For an analyst ratings summary and ratings history on Teekay LNG Partners click here. For more ratings news on Teekay LNG Partners click here.
Shares of Teekay LNG Partners closed at $40.33 yesterday.
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