Wells Fargo Starts SandRidge Mississippian Trust (SDT) at Market Perform; To Yield, Or To Discount?

Wells Fargo initiates coverage on SandRidge Mississippian Trust (NYSE: SDT) with a Market Perform. Valuation range $21-24.

Wells analyst says, "SandRidge Mississippian Trust I units are a passive ownership structure of royalty interests in producing and undeveloped reserves of SandRidge Energy's in the Mississippian play of northen Oklahoma. We expect initial distributions to likely outpace the targeted distributions as set our in during the recent offering, however we believe this is fully priced by the market at this time. We are establishing our 2011/2012 EPU estimates of $2.32/$3.11."

For more ratings news on SandRidge Mississippian Trust click here and for the rating history of SandRidge Mississippian Trust click here.

Shares of SandRidge Mississippian Trust closed at $26.34 yesterday.

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