UPDATE: Bank of America Initiates Neutral on ClearBridge Energy MLP Fund

Bank of America initiates coverage on ClearBridge Energy MLP Fund CEM with a Neutral rating to reflect a balanced risk/reward ratio. Bank of America says its rating on the fund is driven by the following factors: "1) we expect moderate dividend growth over the medium-term at CEM, 2) we see CEM's recent price appreciation as better reflecting its positive attributes (produced a total return of 9.0% versus 4.9% for the average Energy MLP CEF in 2011), 3) we caution the Energy MLP sector may be approaching fair value and CEM's yield is currently relatively in-line with the MLP sector, and 4) limited future upside potential from refinancing its currently low-cost leverage." CEM closed at $22.93 per share on Tuesday.