UPDATE: Wunderlich Securities Downgrades Sandridge Permian Trust to Hold on Declining Value Over Time
Wunderlich Securities downgrades Sandridge Permian Trust (NYSE: PER) from Buy to Hold and reduces its price target from $24.50 to $20.50.
Wunderlich Securities notes, "Although the current yield remains attractive, as a term trust, the units hold less value as time passes. The distribution should remain strong over the next several years as SandRidge has hedges in place through March 2015. The attractive yield of 11.6% and growth in the distribution over the next few years are reasons to continue to hold the units, in our view."
PER closed at $20.06 on Monday.
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Tags: Wunderlich Securities