Recent Analysis

Chart of the Day: AMZN High Conviction Outperform

Despite the rally in Amazon’s new issues, we expect further tightening and consider Amazon a high conviction Outperform.

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Amazon (AMZN)

We expect Amazon to outperform its peers as the sell-off related to its $16 debt issuance and Whole Foods acquisition have created an attractive entry point. The ratings agencies continue to be 4 notches apart with Moody’s at Baa1 and S&P at AA-.

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Daily Comment: Cautious on Treasuries

JPMorgan’s latest client survey showed investors had turned the most cautious in their holdings of longer-dated Treasuries since early November 2016. Also in this report: FP, FCH, FMGAU, MON

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Liberty Property (LPT)

We downshifted to a Market Perform in 1Q17 largely based on our preference for DRE exposure.

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Prologis (PLD)

Our Market perform recommendation on PLD is driven by our bullish view of the overall industrial REIT sub-class with PLD as the largest name well positioned to capture the benefits. The investment view is tempered by somewhat tight valuation after a strong bull run over the last 12-18 months, including across-the-board A-rating upgrades that removed a key catalyst.

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Duke Realty (DRE)

Our Outperform recommendation on DRE is driven by our positive view of the industrial CRE sector in addition to current spread levels that we view as attractive relative to industrial REIT peer LPT.

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Energy Transfer Partners (ETP)

The ETP and SXL merger, which closed on April 28th, resulted in a stealth distribution cut and leverage improvement for ETP, but the distribution cut will have an outsized impact on cash flowing up to the general partner as ETE’s ownership is strongly focused on the GP IDRs.

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DCP Midstream Partners (DPM)

After the dropdown of DCPMID assets to DPM, the company will be the largest gathering and processing MLP and therefore have the highest exposure to commodity prices. The company will continue to have the highest commodity price exposure in our MLP coverage, and leverage will remain above 4.5x into 2018

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