UPDATE: Citi Raises PT on BreitBurn Energy Partners to $27

Citi is out with its report today on BreitBurn Energy Partners (NASDAQ: BBEP), raising its PT from $26.50 to $27.

In a note to clients, Citi writes, "We are raising our 12 month target price by $0.50 to $27.00 per unit, which reflects the benefit of the recently announced acquisition. Our target price assumes applying a 9.5x trailing EV/EBITDA multiple to our adjusted EBITDA of $222.1 million over the next 12 months."

Citi maintains Buy on BBEP.

Shares of BBEP closed Tuesday at $19.46, up 1.35% from Monday's close.