UPDATE: Citigroup Reiterates on OCI Partners LP as Plant Outage Hits 3Q13 Results

In a report published Wednesday, Citigroup analyst P.J. Juvekar reiterated a Neutral rating on

, and raised the price target from $23.75 to $24.00. In the report, Citigroup noted, “OCIP adjusted EBITDA in 3Q13 was ~$42mm, below our $56mm estimate, primarily reflecting a larger than expected impact from the 13 days of unplanned outages (~$11mm of lost EBITDA, some of which may be recovered through insurance). Investors should note that 3Q13 results do not impact cash distributions, which begin in 4Q13. Total revenues of ~$96mm missed our forecast by ~$6mm as volumes were slightly lower than expected, while increased costs from the outage and the need to purchase methanol impacted margins. Thus far in 4Q13 the plant is running better, although we think the risk of unexpected downtime is likely higher until the company's major 3Q14 turnaround & debottleneck project.” OCI Partners LP closed on Tuesday at $23.71.