UPDATE: Citigroup Raises PT to $38 on Genesis Energy on Growth Outlook

Citigroup reiterated its Buy rating on Genesis Energy GEL and increased its price target from $34 to $38. Citigroup commented, "We continue to view GEL as an attractive investment opportunity at current levels as it is well positioned to benefit from a unique combo of volume growth, margin expansion, and high-return investment opportunities. Our outlook is supported by GEL's uniquely situated crude oil logistics assets along the Gulf Coast that we believe will benefit from supply growth out of the Eagle Ford shale play and the continued need for incremental crude oil transportation assets that are currently experiencing very high utilization rates and attractive margins." Genesis Energy closed at $32.62 on Monday.