UPDATE: Citigroup Downgrades UGI Corporation to Neutral on Below-Consensus Estimates

Citigroup downgraded UGI Corporation

from Buy to Neutral and raised the price target from $34.00 to $37.00. Citigroup noted, "Our Q1/13 estimate is $1.02, below consensus of $1.07. Our FY 2013-15 estimates, which assume normal weather, are being raised to $2.55/$2.73/$2.74. Our expectations for earnings growth at the Propane segment are conservative. Earnings from Energy Services are likely to continue ramp up until at least the middle of the decade." UGI Corporation closed at $34.74 on Thursday.