UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Oiltanking Partners

In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating on Oiltanking Partners LP

, and raised its price target from $32.00 to $38.00. J.P. Morgan noted, “We rate OILT Neutral with a YE13 $38/unit price target. We believe Oiltanking's strategically located liquids T&S assets in the upper Gulf Coast will be a clear beneficiary of the changing North American crude oil supply picture, as several recently proposed pipelines attempt to alleviate the Cushing bottleneck and start diverting volumes into the upper Gulf Coast over the next several years. In our opinion, OILT offers investors stable, fee-based cash flows, a strong balance sheet, a conservative modus operandi in management's approach, and top tier distribution growth potential. However, given OILT's outperformance, we believe other names under coverage offer greater total return potential.” Oiltanking Partners LP closed on Friday at $37.39.