UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Memorial Production Partners
In a report published Monday, Citigroup reiterated its Buy rating on Memorial Production Partners LP (NASDAQ: MEMP), but lowered its price target from $20.50 to $18.50.
Citigroup noted, “MEMP reported second quarter adjusted EBITDA of $18.7 million. Notably, the reported adjusted EBITDA figure for 2Q12 includes net operating cash flow from acquisitions and divestures from the effective date through the closing date of the transactions. Excluding this adjustment, the reported adjusted EBITDA for 2Q12 is $16.8 million, which compares to our estimate of $17.2 million for 2Q12. The modest variance between our estimate and the 2Q12 result can primarily be attributed to lower than forecast price realizations.”
Memorial Production Partners LP closed on Friday at $17.59.
Latest Ratings for MEMP
|Nov 2016||Goldman Sachs||Terminates||Sell|
|Oct 2016||FBR Capital||Downgrades||Outperform||Market Perform|
|Oct 2016||Stifel Nicolaus||Downgrades||Hold||Sell|
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