Legacy Reserves upgraded to Buy from Neutral at UBS UBS upgraded Legacy Reserves (LGCY) to Buy based on benefits and accretion from the strategic alliance with WPX Energy (WPX) which increases low decline production, diversification and growth visibility. Price target raised to $31 from $27.
Legacy Reserves downgraded to Neutral from Outperform at RW Baird Baird slashed upstream MLP estimates across the board given the collapse in crude oil prices. The firm believes upstream MLPs will be forced to cut distributions based on when debt covenants are tripped if oil prices do not rally. Baird expects the new oil paradigm to last for the foreseeable future and downgraded Legacy Reserves to Neutral and lowered its price target to $9 from $25.