UPDATE - UBS Upgraded Inergy (NRGY) to Buy; Fundamental Environment to Improve; Attractive Yield

UPDATE - UBS upgraded Inergy (NYSE: NRGY) from Neutral to Buy. PT lowered from $36 to $31.

UBS analyst says, "NRGY shares have underperformed due to ST weakness in its two primary segments: propane retailing/distribution and midstream natural gas and NGL storage (each should comprise ~50% of FY12 EBITDA). In propane, high costs and consumer conservation have hurt results, while in nat gas storage, a flat price curve has been damaging. We do not expect propane prices to continue to increase, and we believe the nat gas curve will steepen in time. As such, and given Inergy’s 10%+ yield, we are moving to a Buy."

To see more ratings changes on NRGY, Click Here

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