UPDATE: Citigroup Raises PT to $33 on Rose Rock Midstream on Strong Quarter

Citigroup reiterated its Buy rating on Rose Rock Midstream RRMS and increased its price target from $31.50 to $33. Citigroup commented, "We continue to recommend RRMS to investors as we believe that the partnership is well-positioned for distribution growth driven by an attractive suite of organic growth projects, drop-down opportunities and low-leverage while mgmt team is executing well on its strategy. Our new TP of $33.00 is based on the partnership achieving an annualized distribution of $1.79/unit 12-months from now and units trading with a yield of 5.50%." Rose Rock Midstream closed at $27.41 on Monday.