Magellan Midstream price target raised to $68 from $60 at Barclays

Barclays raised the firm’s price target on Magellan Midstream to $68 from $60 and keeps an Overweight rating on the shares. The firm changed analysts on the name. Within midstream, the analyst thinks the marketing and/or commodity-based tailwinds experienced earlier in the year will likely revert in Q2. Coupled with lower commodity prices and seasonal softness in natural gas and natural gas liquids demand, the upcoming earnings cycle will see “dispersion in execution and performance” between companies with insulated fee-based cash flows and/or assets driven by organic volume growth that can mitigate some of the commodity-related headwinds, the analyst tells investors in a research note.