UPDATE: UBS Investment Research Raises Target to $68 on Magellan Midstream

UBS Investment Research reiterates its Neutral rating on Magellan Midstream

and raises its price target to $68 from $64 a share on strong 4Q results from the company. UBS Investment Research says, "MMP achieved EPU ex-mark to market items of $1.02 in 4Q11 (UBSe $0.92, cons $0.96). Results were driven by strong petroleum pipeline product results (such as butane), with a YOY increase in product margin of $22.4 MM (+124% YOY), as well as solid terminal segment operating margins (+20% YOY)." MMP closed at $68.45 a share on Tuesday.