UPDATE: Credit Suisse Assumes Outperform, PT of $46 on Linn Energy; Low Natural Gas Prices

Credit Suisse assumes its coverage on Linn Energy

with an Outperform rating and a price target of $46 as it sees shares to represent a capitalization opportunity on the low natural gas price environment. Credit Suisse notes, "In our view, LINE's distribution growth is set to accelerate as the company integrates a substantial set of acquisitions ($2.4b over the past 6 months) and continues to develop its high return Granite Wash program. Furthermore, we believe LINE is well positioned to capitalize on a large and growing set of acquisition opportunities over the next several years. The accretion from these acquisitions, which LINE "locks-in" upfront via its conservative hedging program, should drive long-term distribution growth for unit holders. In our view, LINE provides investors with an attractive current yield of 7.6% and the potential for mid-single digit distribution growth." LINE closed at $37.90 on Wednesday.