UPDATE: Citigroup Upgrades Golar LNG Partners LP to Buy, Reiterates $33.50 PT

In a report published Monday, Citigroup upgraded its rating on Golar LNG Partners LP

from Neutral to Buy, and reiterated its $33.50 price target. Citigroup noted, “We are upgrading GMLP to Buy as units are down ~18% over the last month and now appear attractive versus our target price of $33.50. We downgraded GMLP in February based on valuation when units were trading above $36, but given the recent pullback and our continued positive outlook on the LNG transport and FSRU sector we believe upside from current levels is attractive. GMLP enjoys a stable stream of highly visible cash flows supported by long-term commitments on its fleet. These cash flows are supported by charter agreements with highly credit worthy counter-parties. This gives the partnership an extremely stable set of cash flows.” Golar LNG Partners LP closed on Friday at $26.83.