UPDATE: Stifel Reiterates On BreitBurn Energy Partners L.P. Ahead Of QR Energy Acquisition

In a report published Monday, Stifel analyst Brian Brungardt Jr. reiterated a Buy rating on

, but lowered the price target from $24.00 to $22.00. In the report, Stifel noted, “We are transferring coverage of BreitBurn Energy Partners L.P. (BBEP) from our colleague Dan Guffey. We believe investors will benefit from the announced QR Energy L.P. (QRE) acquisition through increased scale, additional low-risk development projects, increased liquids weighted production mix, and improved pathway to DPU growth. The pro-forma MLP will be the second largest upstream MLP and largest oil weighted upstream partnership. We are maintaining our Buy rating and lowering our target price to $22 from $24.” BreitBurn Energy Partners L.P. closed on Friday at $20.56.