UPDATE: Bank of America Upgrades Boardwalk Pipeline Partners LP to Neutral, Raises PT Following North-to-South Reversal

In a report published Monday, Bank of America analyst Gabe Moreen upgraded the rating on

from Underperform to Neutral, and raised the price target from $14.00 to $16.00. In the report, Bank of America noted, “We upgrade BWP to Neutral (from Underperform) as trade reports indicate BWP has concluded a successful binding open season in contracting some legacy South-to-North pipeline capacity to a North-to-South flow - which could help stabilize BWP's base business. In addition, we understand BWP has several other potential pipeline reversals on the table. Recent natural gas spreads and volatility may also provide some near-term uplift for BWP's storage and pipeline businesses.” Boardwalk Pipeline Partners LP closed on Friday at $13.92.