UPDATE: Citigroup Raises PT to $33 on Legacy Reserves on Valuation

Citigroup reiterated its Buy rating on Legacy Reserves

and raised its price target from $32 to $33. Citigroup noted, "The change to our target price primarily reflects the upward adjustment to our target multiple and fine tuning our assumption for commodity prices. Our target price assumes applying a 9.0x trailing EV/EBITDA multiple to our adjusted EBITDA forecast of $223.2 million over the next twelve months (i.e. on a four quarter rolling basis 1Q13-4Q13)." Legacy Reserves closed at $29.27 on Friday.