ENLINK MIDSTREAM PARTNERS LP <ENLK.N>: CREDIT SUISSE REINSTATES COVERAGE WITH OUTPERFORM RATING; TARGET PRICE $33
ENLINK MIDSTREAM <ENLC.N>: CREDIT SUISSE REINSTATES COVERAGE WITH OUTPERFORM RATING; TARGET PRICE $44
Wunderlich downgrades CELP to Hold from Buy and lowers their tgt to $15 from $23 as they expect significant weakness in its Water and Environment Services (W&ES) segment vols and margins due to the decline in commodity prices and reduction in drilling activities. Further, firm also ests a lower demand for its Pipeline Inspection and Integrity Services (PI&IS) business and lower pricing as CELP customers plan for significant capex reductions in 2015. Co also declined to provide any guidance for 2015 amid rising uncertainty. Although co has low leverage (0.94x) and $70mm available on its recently revised credit facility of $200mm, firm believes the uncertainty in oil prices and lack of a NT catalyst would keep the stock range-bound.