UPDATE: Citi Lowers PT on ECA Marcellus Trust I to $32

Citi is out with its report today on ECA Marcellus Trust I ECT, lowering its PT from $34 to $32. In its report, Citi writes, "Our target price assumes applying an 11.0x trailing P/DCF multiple to our next twelve months' distributable cash flow forecast of $51.5 million. The change to our target price primarily reflects the downward adjustments to our commodity price assumptions." Citi maintains Buy on ECT. Shares of ECT closed Wednesday at $24.28, up 1.79% from Tuesday's close.