Morgan Keegan Lowers Price Target On Spectra Energy Partners To $35

According to Morgan Keegan, Spectra Energy Partners SEP eported Q2 results Thursday that were short of MK and Street estimates. Morgan Keegan said that SEP reported $0.34/unit of DCF vs. MK's $0.43/unit and consensus $0.40/unit. “We are raising our 12-month target yield to 5.5%-6% and cutting our price target by $2/unit to $35.” Spectra Energy Partners closed on Friday at $27.97.