UPDATE: Wunderlich Raises PT on Magellan Midstream Partners to $69

Wunderlich is out with its report today on Magellan Midstream Partners (NYSE: MMP), raising its PT from $64 to $69.In its report, Wunderlich writes, "We are increasing our price target to $69/unit from $64/unit as we have increased our long-term distribution estimates, resulting in a higher value in our distribution discount model. The partnership's distribution growth over the next several years should be strong at an estimated 7.3% in 2011 and 7.6% in 2012. The balance sheet and estimated coverage ratios demonstrate that the partnership is financially strong. We maintain our Buy rating on MMP units."At the time of posting, shares of MMP were trading at $62.74, up 0.46% from Tuesday's close.