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UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Memorial Production Partners

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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

DateFirmActionFromTo
May 2014OppenheimerMaintainsOutperform
May 2014Wells FargoDowngradesOutperformMarket Perform
May 2014Raymond JamesMaintainsStrong Buy

View More Analyst Ratings for MEMP
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Posted-In: CitigroupAnalyst Color Price Target Analyst Ratings

 

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