Lowering Tallgrass FVE to $51 Due to Lower REX and Pony Differentials
After transferring coverage of Tallgrass Energy Partners to a new analyst, we are lowering our fair value estimate to $51 per unit from $54 to mainly reflect lowered pricing for Tallgrass’ income from the Rockies Express Pipeline (it has 50% ownership), and Pony Express following the expiration of legacy contracts in 2019 and 2020. We are also increasing our uncertainty rating to medium from low to reflect the wider range of outcomes for the Rockies Express Pipeline’s legacy east-to-west contrac...
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