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Citigroup raised its rating on PetroLogistics LP
PDH from Neutral to Buy but reduced its price target from $14.50 to $12.75.
Citigroup said, "We upgrade Petrologistics to Buy based on our thesis
that: 1) market propylene prices, which currently trade at a discount to Brent crude oil, will correct higher in the near term; 2) propane supplies remain ample due to shale gas fracking and higher propane prices have not yet affected the propylene market; and 3) we expect the propane-to-propylene spread to rise back above 30c/lb in 2013 on higher anticipated propylene prices."
PetroLogistics LP closed at $ on Friday.
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