"Raising Estimates: From EPD’s conference call, it turns out contribution
from Seaway p/l will in fact be directly related to volumes which are expected
to increase sharply as capacity increases from 150kbp currently to 400kbp in
2013 and 850kbp in 2014. We had made more conservative assumptions re:
Seaway. We are also increasing our NGL volume assumptions for its many
new projects which are planned for the next year. We are raising our 2013E
EBITDA by $321mm to $4.5B and our 2014E EBITDA by $553mm to $4.9B.
EPD remains on schedule to complete $3.7B of organic growth projects by
the end of 2013.
Reiterate Outperform, Raising TP by $1 to $61: Using a target yield
range of 4.25%-4.75%, we derive a valuation range of $58-$65, a TP of $61
and a total return outlook of 15%-28% including the NTM distribution
forecast of $2.70/unit. We reiterate our Outperform."
This is just traders repositioning and some folks taking year end. LT this is such an opportunity for someone to get in because of all facts stated. If you look up MLP funds and see the number one MLP this is it on 95%of the lists!