UPDATE: Stifel Nicolaus Reduces PT to $57 on MarkWest Energy Partners

Stifel Nicolaus reduced its price target on MarkWest Energy Partners MWE from $64 to $57 but reiterated its Buy rating on shares on continued growth in Northeast. Stifel Nicolaus commented, "MarkWest continues to build a dominant footprint position within the Marcellus/Utica plays. This quarter it announced additional agreements with Antero Resources Corp, XTO Energy and Gulfport Energy. We would note all of the agreements are fee base and MWE projects 60% of its gross margin will be fee base by 2014, up from 44% currently. We have seen MWE was able to capitalize on its early entrance into the Marcellus and we expect the same from the Utica as it is developed." MarkWest Energy Partners closed at $51.64 on Friday.