On The Fly: Analyst Upgrade Summary Access Midstream (ACMP) upgraded to Buy from Hold at Wunderlich... Baytex Energy (BTE) upgraded to Buy from Neutral at BofA/Merrill... Brandywine Realty (BDN) upgraded to Outperform from Market Perform at BMO Capital... Hudson Pacific (HPP) upgraded to Market Perform from Underperform at BMO Capital... Intuit (INTU) upgraded to Buy from Neutral at Citigroup... Kate Spade (KATE) upgraded to Buy from Neutral at Citigroup... Kronos Worldwide (KRO) upgraded to Market Perform from Underperform at Wells Fargo... Nokia (NOK) upgraded to Buy from Hold at Canaccord... Prudential plc (PUK) upgraded to Buy from Neutral at UBS... RF Micro Devices (RFMD) upgraded to Buy from Neutral at BofA/Merrill... RPM (RPM) upgraded to Outperform from Neutral at Credit Suisse... Telephone and Data (TDS) upgraded to Overweight from Neutral at JPMorgan... U.S. Cellular (USM) upgraded to Overweight from Neutral at JPMorgan... Western Gas Partners (WES) upgraded to Buy from Neutral at UBS... Exterran (EXH) upgraded to Overweight from Equalweight at Capital One... NIC Inc. (EGOV) upgraded to Neutral from Sell at Dougherty... SandRidge Energy (SD) upgraded to Accumulate from Neutral at Global Hunter... Orion Marine (ORN) upgraded to Overweight from Equal Weight at Stephens.
Access Midstream upgraded to Buy from Hold at Wunderlich Wunderlich upgraded Access Midstream on expectations the company will issue solid 2016 guidance at its analyst day in May. The firm raised its price target for shares to $64 from $56.
Access Midstream to acquire midstream compression assets for $160M Access Midstream Partners (ACMP) announced it has agreed to acquire certain midstream compression assets from MidCon Compression, L.L.C, a wholly owned subsidiary of Chesapeake Energy (CHK), for $160M. The planned acquisition adds natural gas compression assets, historically leased from MidCon, in the rapidly growing Utica Shale and Marcellus Shale regions. This transaction provides the opportunity to insource a key cost element of the Partnershipís business model at an approximate 8x forward EBITDA multiple and adds future organic growth to the portfolio. The assets include more than 100 compression units with a combined capacity of approximately 200,000 horsepower. Exterran Partners L.P. (EXLP) has entered into an agreement to purchase MidConís assets in the Partnershipís other operating areas. The Partnership has agreed to long term compression service arrangements with Exterran in those areas. The acquisition will be funded with borrowings on the Partnershipís revolving credit facility and is expected to close by March 31, 2014.