Columbia Pipeline Partners (CPGX)

[Timothy Smith]

It's been a broad midstream sector sell-off since late-summer, but Columbia Pipeline Group (CPGX +1.5%) and Columbia Pipeline Partners (CPPL -0.3%) have underperformed peers, says analyst Chris Sighinolfi.

At issue are concerns of capital market risk and the perceived viability of the company's long-term drop-down driven growth strategy. Sighinolfi reminds management has made no change to guidance, and no comments regarding company fundamentals.

He upgrades CPGX to Buy from Hold, though cutting the price target to $26 from $28. The new PT is 27% above last night's close.