UPDATE: Deutsche Bank Raises Target to $30 on SemGroup

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Deutsche Bank raises its rating on Hold-rated SemGroup
SEMG
to $30 from $27 following the company'e earnings call. Deutsche Bank notes, "The reported EPS were in line with our estimates. Of greatest importance is that SEMG introduced guidance for 2012 EBITDA of $125-$135 million, which compares to our estimate of $120 million. With the explanation for the increase coming from earlier completion of new oil storage capacity at Cushing, better results in the White Cliffs pipeline from the Rockies to Cushing and slightly lower overhead expenses than expected, we are raising our EBITDA estimate to $130 million, midpoint of the range." SEMG closed at $28.37 on Wednesday.
Posted In: Analyst ColorPrice TargetReiterationPre-Market OutlookAnalyst RatingsDeutsche Bank
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