Zacks Investment Research upgraded shares of Magellan Midstream Partners, L.P. (MMP) from NEUTRAL to OUTPERFORM on August 21, 2012, with a target price of $99.00.
We are upgrading our recommendation on Magellan Midstream Partners to Outperform from Neutral, on account of an impressive performance during the April-June period. Second quarter results were buoyed by higher transportation volumes, improved tariff rates and better lease storage utilization. The partnership also hiked its quarterly distribution and forecasts to see high distributable cash flow along with strong distribution coverage over the next few quarters. Moreover, Magellan Midstream's portfolios of growth projects will likely reap profitable returns in the coming days. As such, we believe Magellan Midstream is favorably positioned going forward and view it as an attractive investment.
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