Wells Fargo raised its rating on NuStar Energy (NS) to "outperform" from "market perform" on Friday. The firm increased its price target range to between $53 and $57, from between $48 and $51.
The rating change comes after the company, which is engaged in the transportation, storage, and marketing of petroleum products, agreed to acquire Navigator Energy Services earlier this month.
The firm views the deal as a long-term strategic positive and also believes the stock's risk/reward is compelling.
Shares of NuStar were up slightly this afternoon.
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