Jun 28, 2011
UBS upgraded Spectra Energy Partners LP (NYSE:SE) to buy from neutral today and maintained its $34 target price for the stock.
The bank cited valuation, as a 6% slide year-to-date provides an attractive entry point. The slide is due in part to a recent equity raise to fund its Big Sandy Pipeline purchase.
The company has a proven strategy and visible distribution growth, with ample distribution coverage, and a track record of successful acquisitions as well as organic growth initiatives, according to UBS.
Spectra Energy has a potential upside of 12.9% based on a current price of $26.68 and an average consensus analyst price target of $30.11.
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