Wells Fargo Cuts Linn Co (LNCO) & Linn Energy (LINE) to Market Perform

July 2, 2013 1:49 PM EDT Send to a Friend
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Price: $11.92 +5.86%

Rating Summary:
    5 Buy, 6 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 14 | Down: 28 | New: 51
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Wells Fargo downgraded Linn Co, LLC (NASDAQ: LNCO) and Linn Energy, LLC (NASDAQ: LINE) from Outperform to Market Perform. The downgrade relates to increased uncertainly following news of an informal SEC inquiry.

Commenting, analyst Praneeth Satish said, "We do not believe the LNCO structure, in and of itself, is under scrutiny. Accordingly, we anticipate LINE to largely return to its growth via acquisition strategy once the informal SEC inquiry and Berry Petroleum(NYSE: BRY) merger are behind the company. Notwithstanding, we recognize that trading volatility could increase during the informal SEC inquiry. Additionally, we anticipate investors may begin to discount the possibility that the BRY merger does not go through given that the SEC inquiry could take anywhere from one to four months to complete, in our view."

For an analyst ratings summary and ratings history on Linn Co, LLC (NASDAQ: LNCO) click here. For more ratings news on Linn Co, LLC click here.

Shares of Linn Co, LLC closed at $37.07 yesterday.


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