Wells Fargo Upgrades Enbridge Energy Management (EEQ) to Outperform; Recent Dip Offers Opportunity

Wells Fargo upgraded Enbridge Energy Management (NYSE: EEQ) from Market Perform to Outperform with a price target range raised from $31-33 to $33-35.

Analyst, Sharon Lui, said, ""We are upgrading Enbridge Energy Partners LP (NYSE: EEP) / EEQ to Outperform due to the following reasons: (1) visible long-term growth--we forecast EEP could accelerate distribution growth in 2014 and beyond to the highend of its guidance range (i.e. 5% annually versus 2% in 2012-13E) on the heels of $1.2B (net) of newly announced mainline capacity expansions; (2) favorable crude market tailwinds--EEP is well positioned to benefit from a resurgence of domestic onshore crude oil drilling and continued growth in western Canadian oil sands development; and (3) valuation--EEP is down 11.6% year to date versus a decline of 3.9% for the Wells Fargo Securities MLP Index. As a result of our accelerated long-term distribution growth outlook."

"We are adjusting our 2013 DCF per unit to $2.36 from $2.42 to reflect additional financing costs associated with EEP’s expanded 2013 capex budget."

For an analyst ratings summary and ratings history on Enbridge Energy Management click here. For more ratings news on Enbridge Energy Management click here.

Shares of Enbridge Energy Management closed at $30.95 yesterday.

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