UPDATE: Citigroup Cuts PT to $31.50 on Legacy Reserves LP on Natural Gas Pricing Adjustment

Citigroup maintained Legacy Reserves LP

at Buy but lowered the price target from $33.00 to $31.50. Citigroup commented, "The change to our target price primarily reflects the downward adjustment to our assumption for natural gas prices. Our target price assumes applying a 9.0x trailing EV/EBITDA multiple to our adjusted EBITDA forecast of $279.9 million over the next 12 months (i.e. on a four quarter rolling basis 1Q13-4Q13)." Legacy Reserves LP closed at $25.49 on Tuesday.