UPDATE: Bank of America Initiates Atlas Resource Partners at Neutral on Limited Growth Visibility

Bank of America initiated coverage on Atlas Resource Partners

with a Neutral rating and a $25 price objective. Bank of America commented, "ARP is an upstream MLP with long-life low decline matured assets, stable production and growing unit distributions. Our PO assumes ARP management's forecasted distribution of $2.35 - $2.50 in 2013 implying a peer average yield of 9.7% vs. current yield of 10.5%. Management has a long record of developing unconventional assets and has already secured substantial deal led growth since IPO in Mar 2012. However, our analysis suggests little scope for future distribution growth without additional acquisitions that lack visibility." Atlas Resource Partners closed at $22.05 on Monday.