UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Teekay Offshore Partners

In a report released earlier today, J.P. Morgan & Co. reiterated its Neutral rating on Teekay Offshore Partners L.P.

, along with raising its price target from $29.80 to $31.70. J.P. Morgan said in the report “Our upwardly revised PT implies modest 10% upside potential based upon high-visibility cash flow and growth related to a pipeline of both newly ordered and drop-down assets. TOO continues to offer an attractive 7% yield and we recommend buying on material pullbacks.” Teekay Offshore Partners L.P. closed yesterday at $28.82.