MLV Reiterates Buy On Martin Midstream Partners, Sees 47% Upside
In a research report issued yesterday, MLV analyst Daniel Schenk reiterated a Buy rating on Martin Midstream Partners (NASDAQ:MMLP) with a price target of $52.00, which represents a potential upside of 47% from where the stock is currently trading.
Schenk observed, “Martin has recently seen its units come under pressure, falling ~12% in the past three months, as oil prices have declined. While not a positive for the partnership, we believe the sell-off is overdone and that MMLP’s limited commodity price exposure helps insulate the partnership at current prices. Even with a further drop in oil prices, MLPs, in general, have multiple levers they can pull in order to provide additional stability for distributions. We remain positive on MMLP’s management team and believe its conservatism and pipeline of organic growth projects will serve as a catalyst for unit appreciation.”