UPDATE: Citigroup Raises PT to $19 on QR Energy on Commodity Prices

Citigroup reiterated its Neutral rating on QR Energy QRE and increased its price target from $18 to $19. Citigroup commented, "We are raising our target price to $19.00 per unit. The change to our target price primarily reflects an upward adjustment to our assumption for commodity prices. Our target price assumes applying an 8.5x trailing EV/EBITDA multiple to our adjusted EBITDA forecast of $207.6 million over the next twelve months (i.e. on a four quarter rolling basis - 1Q13-4Q13)." QR Energy closed at $20.44 on Friday.