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Credit Suisse assumes its coverage on Linn Energy
LINE with an Outperform rating and a price target of $46 as it sees shares to represent a capitalization opportunity on the low natural gas price environment.
Credit Suisse notes, "In our view, LINE's distribution growth is set to accelerate as the company integrates a substantial set of acquisitions ($2.4b over the past 6 months) and continues to develop its high return Granite Wash program. Furthermore, we believe LINE is well positioned to capitalize on a large and growing set of acquisition opportunities over the next several years. The accretion from these acquisitions, which LINE "locks-in" upfront via its conservative hedging program, should
drive long-term distribution growth for unit holders. In our view, LINE provides investors with an attractive current yield of 7.6% and the potential for mid-single digit distribution growth."
LINE closed at $37.90 on Wednesday.
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Posted In: Analyst ColorPrice TargetReiterationPre-Market OutlookAnalyst RatingsCredit SuisseEnergyOil & Gas Exploration & Production
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