UPDATE: Goldman Sachs Initiates Coverage on Linn Energy LLC with Neutral Rating, $47 PT
In a report published Wednesday, Goldman Sachs Group initiated coverage on Linn Energy LLC (NASDAQ: LINE) with a Neutral rating and $47.00 price target.
Goldman Sachs noted, “We initiate coverage of Linn Energy, LLC (LINE) with a Neutral rating and a $47, 12-month target price that implies 28% total return upside (including distribution yield) in the context of an Attractive coverage view for the Energy MLPs for which we see an average upside of 25%. While we are positive on Linn's flexible production program, highly hedged cash flows and low-risk asset base, we remain concerned about its NGL exposure, high maintenance spending and capital needs. We see long-term distribution growth of 3-5%, below the 5-6% for Energy MLPs.”
Linn Energy LLC closed on Tuesday at $38.99.
Latest Ratings for LINE
|Nov 2014||Credit Suisse||Downgrades||Outperform||Neutral|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.