Wunderlich Securities has published a research report on Spectra Energy Partners (NYSE:

) and has initiated coverage on the company with a Hold rating. In the report, Wunderlich writes "The partnership's distribution growth over the next several years should be strong at an estimated 11.5% in 2010 and 9.2% in 2011. However, we believe that longer term, the partnership will need to make acquisitions to continue distribution growth. In addition, we believe the valuation is a bit stretched at the current levels. However, if we were holders of the partnership's units, we would not sell; rather, we would take advantage of the current yield and distribution growth over the next several years." Wunderlich has also issued a $37 price target on Spectra Energy Partners, which closed yesterday at $32.83.