UPDATE: Wunderlich Securities Cuts PT to $78 on EV Energy Partners on Discount Distribution Adjustments

Wunderlich Securities reiterated its Buy rating on EV Energy Partners

but lowered its price target from $92 to $78. Wunderlich Securities said, "We are lowering our price target on EV Energy Partners, L.P. (EVEP) to $78/unit from $92/unit as we have updated our distribution discount model. We believe the partnership's operations and hedges can support the recent level of distribution increases for the next several years. At this point, most investors seemed focused on the Utica and it appears we are close to hearing a decision on the properties. We have a Buy rating on EV Energy's units." EV Energy Partners closed at $58.92 on Wednesday.