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

Goldman Sachs initiates coverage on Chesapeake Granite Wash Trust

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 (

) 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.