Loading...
Loading...
Citigroup upgraded PetroLogistics LP
PDH from Neutral to Buy and raised the price target from $14.00 to $17.00.
Citigroup commented, "We are upgrading PDH to Buy (TP $17) as the propane-topropylene spread has expanded recently to above 40c/lb from an average of 31c/lb in 4Q12 given the warmer-than-average winter. … We are raising our NTM distribution/unit to $1.70 (+20c) driven by higher spreads and including an estimated 6c hit from the recent outage. We also lower our target yield to 10% from 11% based on similar variable rate MLPs comparables."
PetroLogistics LP closed at $14.57 on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in