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04/18/14 04:42:18 PM
WORD ON THE STREET

NELNET, INC., BOARDWALK PIPELINE PARTNERS, LP, SANDISK CORP.

NELNET, INC.(NNI) : Analyst Moshe Orenbuch tells salesforce NNI filed 8-k announcing it will acquire $3.6B of FFELP (Federal Family Education Loan Program) assets from CIT, consisting of $2.6B of securitized FFELP loans, $950M of unencumbered consolidation FFELP loans. Unencumbered assets will be funded by cash, NNI's existing wharehouse facility, securitized loans come with associated trust liabilities, likely have modest funding requirement. Ups $5.62 '14 EPS est. to $5.81, $5.55 '15 to $5.95 to reflect addition of assets. Also raises $48 tgt to $52 to reflect greater EPS power.



BOARDWALK PIPELINE PARTNERS, LP(BWP) : Analyst Jeremy Tonet tells salesforce upgrading BWP after updating his model to reflect industry reports of a successful binding open season for the Ohio to Louisiana Access Project and emerging opportunities to repurpose underutilized pipeline capacity for north to south service. Says although uncertainty remains around reduced rates or non-renewals on expiring contracts, expects significant accretion for the Ohio to Louisiana Access Project 2016 and addl reversed/repurposed pipeline projects to materialize. Ups target to $18 from $14.



SANDISK CORP.(SNDK) : Analyst Hans Mosesmann tells salesforce SNDK reported another impressive quarter with solid operating upside, while co. continues to (properly) maintain conservative outlook to keep Street forecasts within reach. Moreover, says SNDK starting to benefit from number of key demand drivers that should ramp over next several years. SSDs continue to be a larger part of SNDK story (beyond just market momentum) with sales up 61% y/y, as engagements with hyper scale customers are just beginning. Raises $83 price target to $90.



 

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