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Linn Energy, LLC (LINE) Message Board

  • elishapira elishapira Jun 20, 2013 11:02 AM Flag

    6/20 JPM Note about LINE/LNCO

    Headline: Linn Energy : Remain OW; Current Valuations Present Unique Opportunity

    A few quotes....

    "BRY acquisition closing on track for 3Q. We believe Berry’s management, board and founding family (~25% of shares) all support the transaction. In addition, BRY shareholders are incentivized to approve the deal given the substantial premium as well as a significant dividend increase upon receipt of 1.25 LNCO units. We believe recent purchases by LINE management indicate no ongoing negotiations with BRY management related to the premium offered to BRY shareholders. We expect the filing of the next amendment to the proxy/final proxy and setting of the vote date will serve as positive catalysts for both LINE and LNCO."

    "We reiterate our OW and $43PT on both LINE and LNCO. We remain overweight LINE and LNCO with a PT of $43 on both names. Given current valuation levels and numerous known positive catalysts for the Linn story, we believe the recent sell off has created a unique opportunity for investors."

    Full disclosure: I am long LINE.

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