Wells Fargo Upgrades MarkWest Energy (MWE) to Outperform; Raising Valuation On Accelerating Growth Profile

Wells Fargo upgraded MarkWest Energy (NYSE: MWE) to Outperform with a price target rainge of $57-$61 (from $49-52)

Wells analyst says, "MWE provided 2012 growth capex guidance of $600-700MM, almost doubles our prior forecast of $333MM. The partnership continues to expand and solidify its leading Marcellus midstream footprint. Upside potential to our forecast (not included in our model) could come from the emerging Utica Shale. We believe MWE is among the best positioned to play a major role in the buildout of midstream infrastructure to support E&P development of the play. We are adjusting our 2011 and 2012 DCF/unit estimates to $4.21 and $4.78,respectively, from $4.25 and $4.69 to reflect several model adjustments."

For an analyst ratings summary and ratings history on MarkWest Energy click here. For more ratings news on MarkWest Energy click here.

Shares of MarkWest Energy closed at $49.82 yesterday.

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