UPDATE: Citigroup Raises Target to $34 on Genesis Energy

Citigroup maintains its Buy rating on Genesis Energy

to $34 from $32 as the company's new projects support its layered approach to growth. Citigroup says, "While short-term delays on the TX City project and Mad Dog spar 1 (CHOPS) present a near-term drag, GEL's current opportunities look promising. We view BP's Q4 announcements for Mad Dog Phase 2 field development and the resumption of drilling on Atlantis as positive. Additionally, contributions from the newly acquired offshore pipelines, a strong macro environment for the Refinery segment, and integration of additional trucks into the S&L fleet provide near-term growth." GEL closed at $30.66 a share on Friday.