UPDATE: Bank of America Initiates Summit Midstream Partners at Buy on Risk/Reward

Bank of America initiates coverage on Summit Midstream Partners

with a Buy rating and a $23 price objective. Bank of America noted, "The partnership primarily provides natural gas gathering and compression services in CO and TX. We view SMLP as a play on a natural gas price/drilling recovery with downside protection through its minimum volume commitments (MVCs). We believe SMLP's current yield does not fully reflect the partnership's positive attributes and leverage to a turn in natural gas fundamentals." Summit Midstream Partners closed at $20.53 on Monday.