Wunderlich Securities Has Hold Rating, $37 PT On Spectra Energy Partners (SEP)

Wunderlich Securities had a Hold rating and $37 price target on Spectra Energy Partners SEP in its research report published today. In the report, Wunderlich Securities states, "Spectra Energy Partners, LP (SEP) reported 4Q10 adjusted EBITDA of $25.7 million. Although we believe that at current levels the units are just a bit rich, we would continue to hold our positions and take advantage of the current yield and distribution growth over the next several years. Combining our estimated distribution growth rate of 9.2%, plus SEP's current distribution, implies a return of 15% in 2011." Shares of Spectra Energy Partners closed at $32.90 on Friday, down 0.72% from Thursday's market close.