Wells Fargo Upgrades Memorial Production Partners LP (MEMP) to Outperform; Sees Distribution Increases

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Wells Fargo upgraded Memorial Production Partners LP (NASDAQ: MEMP) from Market Perform to Outperform and raised its valuation range $1 to $20-$22/unit.

The firm estimates MEMP could increase its distribution at a three-year CAGR of 4.5% versus 2.4% previously. Also, they project the yield should compress from its current 11% to a range of 9-10%, suggesting a higher unit price. This would come as the market recognizes the sustainability of the partnership's distribution and the potential for visible distribution increases in 2013 and beyond.

For an analyst ratings summary and ratings history on Memorial Production Partners LP click here. For more ratings news on Memorial Production Partners LP click here.

Shares of Memorial Production Partners LP closed at $18.80 yesterday, with a 52 week range of $15.71-$20.75.

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