Citigroup Hikes '10-'12 Estimates & PT for Suburban Propane Partners; Maintains Buy

Citigroup Inc. slightly lifted its price target for Suburban Propane Partners, LP (NYSE:SPH) by $0.50, to $60.00, according to a research note from Wednesday.

Citigroup raised its 2010 EPS estimate for the firm from $3.17 to $3.24, lifted its 2011 EPS estimate from $3.79 to $3.83, and hiked its 2012 EPS estimate from $3.77 to $3.89.

Citigroup maintains a Buy rating on the firm.

Suburban Propane Partners is a retail propane gas marketer that serves residential, commercial, industrial and agricultural customers through service centers.

The firm has a potential upside of 3.8% based on a current price of $54.36, and an average consensus analyst price target of $56.42.

Suburban Propane had sales growth of 0.1% during the last fiscal year.

The company has reported $1.1 billion in sales over the past 12 months and is expected to report $1.2 billion in sales in the next fiscal year.

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