Citi Raises Rating on Martin Midstream Partners LP To Buy/High Risk (MMLP)

Citi released a report outlining their upgraded Rating of Martin Midstream Partners LP MMLP to a Buy/High Risk Rating.

The report stated ”We are upgrading MMLP to a 1H rating from 2H as we believe the recent under-performance offers investors an attractive entry point. Since MMLP's follow-on equity offering on Feb. 3rd units have under-performed the Citi MLP index by ~ 550 bps for no fundamental reason. The funds from the equity issuance are being used to pay-down the revolver that was utilized for acquisitions executed in Q4 as well as early 2011.”

Martin Midstream Partners LP closed on Friday at $38.01. Martin Midstream Partners LP has a $44.00 PT and a Buy/High Risk Rating.