UPDATE: J.P. Morgan Initiates Coverage on Linn Energy LLC with Overweight Rating, $43 PT on Growth Through Acquisitions

In a report published Wednesday, J.P. Morgan initiated coverage on Linn Energy LLC

with an Overweight rating and $43.00 price target. J.P. Morgan noted, “LINE's primary growth strategy is to acquire and exploit oil and natural gas assets by completing accretive deals focusing on long-lived properties with well understood geologic features and relatively predictable production profiles. LINE's advantaged cost of capital and acquisition experience place the company in a strong position to competitively bid and acquire attractive properties that grow the reserve base and production levels, while creating value for LINE's shareholders. Linn's success in quickly integrating and enhancing production of acquired assets has driven an 81% increase in the distribution run-rate since its 2006 IPO.” Linn Energy LLC closed on Tuesday at $36.41.