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UPDATE: Goldman Sachs Initiates Neutral, $21 Target on Chesapeake Granite

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Goldman Sachs initiates coverage on Chesapeake Granite Wash Trust (NYSE: CHKR) with a Neutral rating and a price target of $21 as it believes front-end-loaded distributions are already priced into the valuation.

Goldman Sachs says, "We initiate coverage of Chesapeake Granite Wash Trust (CHKR) at Neutral with a $21 target price, implying 17% upside, including distributions as of 12/19. CHKR should appeal to yield-oriented investors who desire high up-front income and long-term exposure to commodity prices via the solid economics of the Colony Granite Wash."

CHKR closed at 21.23 per share on Tuesday.

 

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