UPDATE: UBS Investment Research Lowers PT to $64 on Buckeye Partners; Q1 Challenging

UBS Investment Research lowers its price target from $70 to $64 on Buy-rated Buckeye Partners BPL following a sequentially lower EBITDA for Q1. UBS Investment Research says, "Although disappointed with today's results, we believe the Perth Amboy deal, set to close mid-2012, will help drive DCF growth in 2013. We are encouraged by BORCO growth, and think upcoming capex there will be accretive. We also believe that the pain taken in 4Q11/1Q12 in reducing Midwestern refined inventories is likely over. However, we recognize that business and unit price choppiness likely lies ahead in 2012, and we lower profit, DCF and distribution ests." BPL closed at $54.35 on Friday.