Stifel analyst Selman Akyol said TransMontaigne Partners' Q4 results were in line with his expectations and while its build out of an additional 870,000 barrels of storage in the Collins Phase II expansion was below his expectations, he noted that management is in talks with customers about further expansion. Akyol said he is concerned with the partnership's leverage ratio and he expects TransMontaigne to issue equity in 2018 to pay down debt. Given this expectation he lowered his price target on the stock to $42 from $47, though he maintains a Buy rating on TransMontaigne Partners.