UPDATE: Oppenheimer Downgrades Magellan Midstream Partners to Perform (MMP)

Oppenheimer is out with its report today on Magellan Midstream Partners (NYSE: MMP), downgrading MMP from Outperform to Perform.

In a note to clients, Oppenheimer writes, "We are downgrading MMP to Perform from Outperform as the company approaches our old $61 price target. At $59.86, MMP yields 5.06%. Over the past 2,501 business days (ten years), MMP has yielded less than 5.06% on 14 of those. All of those 14 days occurred in April and May, 2007. We believe the fundamentals are currently excellent for MMP and the rest of the MLP industry."

At the time of posting, shares of MMP were trading pre-market at $59.68, down 0.30% from Thursday's close.