UPDATE: Citigroup Cuts PT to $31.50 on Legacy Reserves LP on Natural Gas Pricing Adjustment
Citigroup maintained Legacy Reserves LP (NASDAQ: LGCY) at Buy but lowered the price target from $33.00 to $31.50.
Citigroup commented, "The change to our target price primarily reflects the downward adjustment to our assumption for natural gas prices. Our target price assumes applying a 9.0x trailing EV/EBITDA multiple to our adjusted EBITDA forecast of $279.9 million over the next 12 months (i.e. on a four quarter rolling basis 1Q13-4Q13)."
Legacy Reserves LP closed at $25.49 on Tuesday.
Latest Ratings for LGCY
|Jan 2015||Raymond James||Downgrades||Outperform||Market Perform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.