Midcoast Energy Partners LP Receives New Coverage from Analysts at Credit Suisse (MEP)
Investment analysts at Credit Suisse began coverage on shares of Midcoast Energy Partners LP (NYSE:MEP) in a note issued to investors on Tuesday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating and a $24.00 price target on the stock. Credit Suisse’s target price would indicate a potential upside of 31.36% from the stock’s previous close.
The analysts wrote, “We are initiating coverage of Midcoast Energy Partners (MEP) with an Outperform rating and a $24 target price. MEP owns an initial 39% interest in Midcoast Operating, LP, which is Enbridge Energy Partner’s (EEP) gas gathering and processing business serving East Texas, North Texas, and the Mid-Con areas of the United States. We expect that MEP will be able to grow its distribution at a ~14% CAGR through 2017, largely supported by the dropdown of EEP’s remaining 61% interest in Midcoast Operating. As a result, we expect MEP to outperform our MLP coverage universe over the next 12 months.”
Midcoast Energy Partners LP (NYSE:MEP) traded up 0.16% during mid-day trading on Tuesday, hitting $18.30. 80,006 shares of the company’s stock traded hands. Midcoast Energy Partners LP has a 52-week low of $16.96 and a 52-week high of $18.29. The stock’s 50-day moving average is $17.78 and its 200-day moving average is $17.78. The company’s market cap is $827.5 million.
A number of other firms have also recently commented on MEP. Analysts at Bank of America Corp. initiated coverage on shares of Midcoast Energy Partners LP in a research note to investors on Tuesday. They set a “buy” rating on the stock. Separately, analysts at JPMorgan Chase & Co. initiated coverage on shares of Midcoast Energy Partners LP in a research note to investors on Tuesday. They set an “overweight” rating and a $21.00 price target on the stock. Finally, analysts at Barclays initiated coverage on shares of Midcoast Energy Partners LP in a research note to investors on Tuesday. They set an “equal weight” rating and a $20.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $21.67.
Midcoast Energy Partners L.P. is a vehicle for owning and growing its natural gas and natural gas liquids, or natural gas liquid (NYSE:MEP), midstream business in the United States.
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