UPDATE: Wunderlich Securities Initiates Coverage on BreitBurn Energy Partners LP as Postle Sets Stage for Future Growth

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In a report published Wednesday, Wunderlich Securities analyst Abhishek Sinha initiated coverage on

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BreitBurn Energy Partners LP

(NASDAQ: BBEP) with a Buy rating and $22.00 price target.In the report, Wunderlich Securities noted, “We are initiating coverage of BreitBurn Energy Partners, L.P. (BBEP) with a Buy rating and $22 price target. BBEP is an oil & gas upstream MLP focused on domestic U.S. natural gas and oil production, having properties in Texas and Oklahoma (Panhandle), Wyoming, California, Florida, and Michigan. BBEP has made drastic shifts to its portfolio from being natural gas heavy to liquids levered. However, the company is trading at discount to its peers. With an increasing liquids-rich portfolio, long and successful acquisition track record, and an adequate coverage ratio, we believe BBEP should re-rate itself and trade at par or at a slight premium to its peers.”BreitBurn Energy Partners LP closed on Tuesday at $19.48.