Fly News Breaks for February 12, 2020
Feb 12, 2020 | 04:58 EDT
Stifel analyst Selman Akyol upgraded Magellan Midstream Partners to Buy from Hold with a price target of $66, down from $67.Management is viewed as conservative so the company's guidance could rise as 2020 unfolds, Akyol tells investors in a research note. With the units down 5% since Magellan's Q4 results, the analyst sees an attractive entry point for a "high quality, low levered name with a declining capex outlook." Further, Magellan has a buyback in place and is one of the few names in the space to be in position to execute on it, says Akyol.
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