UPDATE: Goldman Sachs Reiterates Buy for Magellan Midstream Partners

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In a company update released earlier today, Goldman Sachs Group, Inc. reiterated its Buy rating on Magellan Midstream Partners, L.P. (NYSE: MMP), along with a price target of $81.In the report, Golman Sachs said that “Strategically, Magellan has recognized the need for “shale oil”-driven infrastructure, epitomized by its Longhorn conversion project to move Permian crude to the Gulf Coast. This should be highly accretive at 3X EBITDA, according to management. We also see upside from its existing assets to chase additional oil infrastructure, but expect management will retain its conservative operating philosophy with fully contracted assets and a cautious view on acquisitions.”Magellan Midstream Partners, L.P. closed at $72.27 yesterday.

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