UPDATE: Credit Suisse Upgrades CVR Refining LP to Outperform; Yield More Attractive Than Peers

Credit Suisse upgraded CVR Refining LP CVRR from Neutral to Outperform and raised the price target from $32.00 to $34.00. Credit Suisse analyst Edward Westlake noted, "We raise our 2013 distribution forecast to $6.15/unit (vs. company guidance of $5.30-$6.30/unit) to account for 1Q13 guidance as well as our revised margin forecasts. Owners of CVRR benefit from a c19% 2013 yield (vs median MLP peer average of 13%) and a c10% mid-cycle yield based on WTI-Brent spreads that could prove conservative (industry consensus is $7-12/bbl in the long term)." CVR Refining LP closed at $31.94 on Tuesday.