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Fly News Breaks for April 9, 2018
MMP
Apr 9, 2018 | 08:26 EDT
As reported earlier, RBC Capital analyst Elvira Scotto upgraded Magellan Midstream to Outperform from Sector Perform with a price target of $79. Scotto contends that the selloff in Magellan Midstream stock price related to the FERC ruling on tax allowance for MLPs on is overdone, while the company stands to "benefit from widening Permian Basin crude oil differentials". The analyst is also positive on Magellan Midstream's strong balance sheet, solid distribution coverage, fee-based earnings model, and stable funding.
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