UPDATE: J.P. Morgan Downgrades Linn Energy to Neutral Following Informal SEC Inquiry Disclosure
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
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.