UPDATE: UBS Investment Research Raises PT on Magellan Midstream Partners Following 2Q13 EPU Report

In a report published Friday, UBS Investment Research analyst Shneur Z. Gershuni reiterated a Neutral rating on Magellan Midstream Partners MMP, and raised the price target from $52.00 to $55.00.

In the report, UBS Investment Research noted, “MMP reported 2Q13 EPU of $0.68 and EBITDA of $218.6mm vs. our est of $0.51/$181.9 and the Street estimate of $0.54/$184mm. Margins were well ahead of estimates as were volumes for crude oil partially offset by refined product vols and terminal utilizations...Results were ahead of expectations and EBITDA and DCF guidance were lifted accordingly. We particularly took comfort in the margins and better than expected rev/bbl. Additionally, the recent distribution increase exceeded our est. by 3%. We are lifting our 2013/14/15 EBITDA est to $821/918/1029mm from $783/910/1020mm respectively.”

Magellan Midstream Partners closed on Thursday at $56.48.