UPDATE: Stifel Nicolaus Upgrades PetroLogistics to Buy on Propylene and Propane Outlook
Stifel Nicolaus raised its rating on PetroLogistics (NYSE: PDH) from Hold to Buy and established a $15.50 price target.
Stifel Nicolaus commented, "We are raising our rating on PDH to Buy from Hold and establishing a price target of $15.50. The move comes following our review of the updated CMAI forecast for propylene and propane. We remain confident in management's ability to fix the current operational issue at its facility and meet current demand with inventory. While the propane-to-propylene spread continued to compress following its IPO in May 2012, the current spread forecast indicates a warmer FY13."
PetroLogistics closed at $13.54 on Monday.
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