Market Overview

UPDATE: J.P. Morgan Downgrades Linn Energy to Neutral Following Informal SEC Inquiry Disclosure

Related LINE
Benzinga's Top #PreMarket Losers
Mid-Afternoon Market Update: NASDAQ Drops 0.4%; Nucor Shares Slide After Weak Profit Forecast

In a report published Tuesday, J.P. Morgan analyst Alistair J Meadows downgraded the rating on Linn Energy LLC (NASDAQ: LINE) from Overweight to Neutral, and lowered the price target from $43.00 to $35.00.

In the report, J.P. Morgan noted, “We lower our rating on LINE to Neutral following the disclosure of the informal SEC inquiry. Although LINE's acquisitions, totaling nearly $10bn before BRY, have driven distribution growth of ~81% since IPO, we believe there could be significant volatility in the LINE unit price until the resolution of the SEC inquiry and the impact on the BRY transaction is known. As a result, we recommend investors wait on the sidelines until the dust settles.”

Linn Energy LLC closed on Monday at $33.29.

Latest Ratings for LINE

DateFirmActionFromTo
Dec 2014BairdDowngradesOutperformNeutral
Nov 2014CitigroupMaintainsNeutral
Nov 2014Credit SuisseDowngradesOutperformNeutral

View More Analyst Ratings for LINE
View the Latest Analyst Ratings

Posted-In: Alistair J. Meadows J.P. MorganAnalyst Color Downgrades Analyst Ratings

 

Related Articles (LINE)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga Professional