UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Northern Tier Energy on Raised Estimates

In a report published Monday, Goldman Sachs reiterated its Buy rating on Northern Tier Energy NTI, and raised its price target from $30.00 to $34.00. Goldman Sachs noted, “Northern Tier Energy recently announced a $29 million capital project that will increase crude oil throughput at its St. Paul Park refinery by 10% and improve distillate yields by 2%-3%. We have raised our 2013-2017 EPU estimates by 8%-16.5% and increased our 2014-2017 distribution/unit forecasts by 10%-12.5% (2013 virtually unchanged) to reflect the new capital project and the fact that the refinery has been running better than expected prior to the project. We raise our 12-month yield-based target to $34 (+27% total return potential) from $30 accordingly.” Northern Tier Energy closed on Friday at $29.00.