UPDATE: Citigroup Raises PT to $33 on Legacy Reserves on Valuation
Citigroup reiterated its Buy rating on Legacy Reserves (NASDAQ: LGCY) and raised its price target from $32 to $33.
Citigroup noted, "The change to our target price primarily reflects the upward adjustment to our target multiple and fine tuning our assumption for commodity prices. Our target price assumes applying a 9.0x trailing EV/EBITDA multiple to our adjusted EBITDA forecast of $223.2 million over the next twelve months (i.e. on a four quarter rolling basis 1Q13-4Q13)."
Legacy Reserves closed at $29.27 on Friday.
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