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Fly News Breaks for September 19, 2016
VNR
Sep 19, 2016 | 07:44 EDT
As noted earlier, Stifel downgraded Vanguard National to Sell from Hold. Analyst Brian J. Brungardt, Jr. says that the fall redetermination will be challenging for traditional upstream MLPs, and he thinks that Vanguard faces "elevated risk during this period" because it's "overdrawn from the spring redetermination." Brungardt, Jr. continues to expect Vanguard to require covenant relief in fiscal 2017, and he thinks it may have difficulty obtaining covenant forgiveness. Target 50c.
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