UPDATE: Citigroup Raises PT to $72.50 on EV Energy Partners on Valuation

Citigroup reiterated its Buy rating on EV Energy Partners EVEP and increased its price target from $66.50 to $72.50. Citigroup noted, "The change to our target price primarily reflects an upward adjustment to our valuation for Utica assets and fine tuning our assumptions for commodity prices. Our TP assumes: 1) $30.00/unit for the base assets, and 2) $42.50/unit for the Utica Shale. We value the base business by applying a 8.5x EV/EBITDA multiple to our adjusted EBITDA forecast of $261.0 million (i.e. adj. for GP int.)." EV Energy Partners closed at $65.32 on Friday.