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. (NYSE: 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.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Bank of America