5-5 NRGP research report; downgrading on valuation
<<We are downgrading our rating on the units of NRGP to Market Perform from Outperform based on valuation>>
That isn't all bad, just being downgraded to market perform. With the run up it had over the last year that is not a bearish call, IMO. That also gives room, if Inergy outperforms expectations, for some upgrades in the next 6 months to a year.
I would personally rate them a hold here as well, even though I have my distributions reinvested, I can't see adding new units right now (unless you caught the low this AM).