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UPDATE: Citigroup Lowers PT on Suburban Propane Partners from $45.50 to $42.50

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Citigroup reiterated a Neutral rating on Suburban Propane Partners (NYSE: SPH) and lowered its price target from $45.50 to $42.50.

Citigroup noted, “We are maintaining our Neutral High Risk (2H) rating and lowering our target price to $42.50/unit on SPH assuming Suburban can raise distributions to an annualized $3.50/unit and units trade at an 8.25% yield. We view the partnership with increased integration risk and leverage post the acquisition.”

Suburban Propane Partners closed at $40.15 on Monday.

 

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