UPDATE: Credit Suisse Downgrades BreitBurn Energy Partners LP to Underperform, Raises PT on Unjustified Bounce

In a report published Wednesday, Credit Suisse analyst Abhiram Rajendran downgraded the rating on

from Neutral to Underperform, but raised the price target from $7.00 to $9.00. In the report, Credit Suisse noted, "BBEP has bounced back hard from a low of ~$5/unit a few weeks ago, exacerbated over the last few days by the snapback in oil prices. We continue to have a muted outlook on oil especially over the immediate term, and believe the bounce in the BBEP stock has captured most of the possible upside in the stock that we are likely to see this year." BreitBurn Energy Partners LP closed on Tuesday at $8.90.