Zacks Investment Research upgraded shares of TC PipeLines, L.P. (TCP) from NEUTRAL to OUTPERFORM on July 04, 2014, with a target price of $61.00.
Following stellar first quarter results, we are upgrading our recommendation for TC PipeLines to Outperform from Neutral. We expect the natural gas transporter's recent stake purchases in two major U.S. gas systems to be immediately accretive to earnings and distributable cash. Moreover, the partnership continues to leverage its relationship with parent TransCanada to make drop-down' transactions As it is, we are a fan of TC PipeLines' steady cash-flow generating pipeline assets, which provide stability and financial capacity to deliver cash distributions in a disciplined manner. Being incrementally more positive on the partnership, we see the stock performing above with the broader market.
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