UPDATE: Deutsche Bank Raises PT on Western Gas Partners LP on Marcellus Deal

In a report published Friday, Deutsche Bank reiterated its Buy rating on Western Gas Partners LP

, and raised its price target from $56.00 to $63.00. Deutsche Bank noted, “Western Gas Partners announced a drop-down from Anadarko Petroleum of Marcellus assets for $490 million (7.6x ebitda) and an acquisition of a 33.75% interest in additional Marcellus gathering assets from Chesapeake for $133.5 million (9.7x ebitda). The financing for the deals is a combination of cash, credit facility drawdown and newly issued units to APC. For 2013, WES issued an ebitda guidance range of $410-$450 million, our estimate for 2013 is being maintained at $440 million and we expect distribution increases of $0.02 per quarter to result in a 16% growth rate for this year.” Western Gas Partners LP closed on Thursday at $54.84.