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Credit Suisse told clients on Tuesday to buy shares of master limited partnerships, noting a high likelihood for the group to move higher.

"We are upgrading the sector following the recent sharp selloff as the risks in MLPs appear to be skewed toward the upside," said Credit Suisse analyst John Edwards, boosting his rating on the industry to "overweight."

One reason for the upgrade is the sharp rise in high-yield spreads above 500 basis points, which have been historically correlated with positive returns for the MLP index 100 percent of the time one year out, Edwards' analysis shows.

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