UPDATE: Bank of America Downgrades PVR Partners, L.P. to Neutral on Coal and Gas Challenges, Runup

Bank of America downgraded PVR Partners, L.P. PVR from Buy to Neutral and lowered the price objective from $32.00 to $30.00. Bank of America commented, "We downgrade PVR to Neutral (from Buy) and lower our PO to $30 (from $32) considering recent unit price outperformance and near-term fundamental headwinds. Since the end of November, PVR's unit price has increased ~13% versus 3% for the Alerian MLP Index (AMZ). We see PVR's recent outperformance as primarily driven by the following technical factors: 1) PVR's recent addition to the AMZ index, 2) removal of technical pressures from year-end tax loss selling, and 3) alleviation of near-term equity issuance overhang as PVR completed a ~$170mn equity offering in November." PVR Partners, L.P. closed at $27.26 on Wednesday.