Wells Fargo downgraded Energy Transfer Partners (NYSE: ETP) to Market Perform, price target range lowered from $48-52 to $46-50.  Wells analyst says, "While we expect a modest distribution increase towards the end of 2012, ETP faces near-term headwinds including (1) low natural gas prices which could impact gathering and pipeline volumes and (2) significant financing requirements around the expected $2.0B dropdown of Citrus. To management s credit, ETP s shift into NGL infrastructure (via the LDH acquisition) should result in distribution growth acceleration in 2013 and beyond (our 5-year CAGR is 2.3%); however we believe this growth outlook appears reflected in ETP s current valuation. We prefer Outperform-rated Energy Transfer Equity (NYSE: ETE) ($43.86) and Regency Energy Partners (NYSE: RGP) ($26.72) as vehicles to own for exposure to the Energy Transfer story."