UPDATE: Goldman Sachs Initiates Coverage on Rentech Nitrogen Partners with Neutral Rating, $34 PT on Expansion Opportunities

In a report published Monday, Goldman Sachs analyst Adam Samuelson initiated coverage on Rentech Nitrogen Partners

with a Neutral rating and $34.00 price target. In the report, Samuelson noted, “We initiate coverage at Neutral with 7% total return potential to our $34 12mo price target. RNF's location in the heart of the corn belt and expansion opportunities should drive distribution growth in 2014 despite our bearish N view. While valuation at 10.1x 2013 EV/EBITDA appears full, we expect yield to continue to provide near-term support.” Rentech Nitrogen Partners closed on Friday at $34.21.