UPDATE: Stifel Reiterates Buy Rating, Raises PT on Cypress Energy Partners LP on Strong Demand

In a report published Thursday, Stifel analyst Michael Hoffman reiterated a Buy rating on

, and raised the price target from $26.00 to $28.00. In the report, Stifel noted, “Since the IPO in January 2014, CELP has successfully made its first distribution and its first increase in the distribution. We suspect there will be another increase in the distribution if the strong fundamentals of 2Q14 carry into 2H14. Distributable cash flow could be up $1mm in 3Q vs. 2Q and then flat sequentially on normal seasonality. A rush to spend budgeted inspection funds could provide upside to 4Q14 and the DCF could be better.” Cypress Energy Partners LP closed on Wednesday at $24.42.