UPDATE: Ladenburg Thalmann Downgrades Magellan Midstream Partners to Neutral

Ladenburg Thalmann has published a research report on Magellan Midstream Partners

and has downgraded the company from Buy to Neutral based on valuation. In the report, Ladenburg Thalmann writes, "Although we remain positive that MMP's fundamentals and growth prospects remain intact, as MMP units have enjoyed a strong performance so far in 2012, up 6.3%, while the Alerian MLP Index (AMZX) is up 5.4% and the S&P 500 is up 9.5%, at the current price level MMP units have breached our threshold of a total potential return of >12.5% for a BUY Rating." Ladenburg Thalmann maintains its $75 price target on Magellan Midstream Partners, which is currently trading down $0.31 from Friday's $72.36 closing price.