UPDATE: Citi Raises Price Target on Teekay Offshore Partners to $32.50

According to Citi, Teekay Offshore Partners

target price is raised to $32.50. Citi said that it maintains its Buy rating on TOO and are increasing its TP to $32.50. “Our new TP is based on partnership achieving a distribution of $2.12/unti 12 months from now and the units trading with a yield of 6.5%.” Teekay Offshore Partners closed on Friday at $29.82.