The price target change comes after the Houston-based petroleum distributor reported 2015 fourth quarter earnings on Friday that beat analysts' expectations.
"Solid quarter, distribution growth will remain at current rate, minimal financing needs. Key earnings takeaways are modest 4Q beat, quarterly distribution growth will remain at $0.0125 per unit equating to 4.3% year-over-year growth in 2016, 40% of expansion capex is discretionary," Barclays said in an analyst note.
The lower price target reflects higher Master Limited Partnership (MLP) market risk premium, the firm noted.
The company owns and operates a diversified network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation storage and marketing of liquid petroleum products.
Shares of Buckeye Partners closed down at 0.47% to $54.70 on Friday.
Separately, TheStreet Ratings Team has a Buy rating with a score of B- on the stock.
This is driven by some important positives, which should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks covered.
The company's strengths can be seen in multiple areas, such as its good cash flow from operations, notable return on equity and expanding profit margins.
The team believes its strengths outweigh the fact that the company has had generally high debt management risk by most measures that were evaluated.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: BPL