BAML comes out in support of Linn Energy (LINE) and LinnCo (LNCO), upgrading shares to Buy from...


BAML comes out in support of Linn Energy (LINE) and LinnCo (LNCO), upgrading shares to Buy from Neutral while lowering its price target on each to $30 from $41. Shares have dropped 29% and 28%, respectively, since July 2 news of the SEC inquiry. LINE +3.9%, LNCO +3.7% premarket.

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Comments (17)
  • UU4u
    , contributor
    Comments (93) | Send Message
     
    What is BAML?

     

    Is this rise just short covering?

     

    Sitting on the fence temporarily myself.
    8 Jul 2013, 09:16 AM Reply Like
  • YONSU
    , contributor
    Comments (279) | Send Message
     
    Bank of America Merrill Lynch
    8 Jul 2013, 09:45 AM Reply Like
  • traderj44
    , contributor
    Comments (16) | Send Message
     
    cut target price from $41 to $30 how is this an upgrade
    8 Jul 2013, 10:00 AM Reply Like
  • YONSU
    , contributor
    Comments (279) | Send Message
     
    upgrade was from neutral to buy price target is obviously very short term cautious with the stock at 23ish Line and 27ish Lnco, but moving up on the call
    8 Jul 2013, 10:09 AM Reply Like
  • sinedo
    , contributor
    Comments (501) | Send Message
     
    LINE
    Price: $25.62 +9.25%

     

    Rating Summary:
    13 Buy, 7 Hold, 1 Sell

     

    Rating Trend: = Flat

     

    Today's Overall Ratings:
    Up: 23 | Down: 31 | New: 27
    Trade LINE Now!
    BofA/Merrill Lynch upgraded LINN Energy (NASDAQ: LINE) from Neutral to Buy."
    ----------------------...
    For at least 10 yrs, I always recommended doing the exact opposite of what Merrill Lynch recommended because they said BUY when the wanted to unload a stock, and vice versa -SELL when they wanted to load-up. This was easy to verify using charts. Since BofA took over Merrill, I have not noticed the usual blatant dishonesty, but I'm still not trusting them. I expected a pop in the stock, today, but the upgrade apparently spurred many on the fence to BUY. Usually, most Buy recommendations, including Cramer's, seem to come at tops in the charts. It is wise to take a look at the chart when you think about believing broker advice.
    Regards,
    8 Jul 2013, 10:37 AM Reply Like
  • Marek
    , contributor
    Comments (1516) | Send Message
     
    Absolutely I have learned this is sometimes the case, especially with Golden Slacks. Valuable to learn that someone else has noticed this with BofA.
    9 Jul 2013, 12:21 AM Reply Like
  • deercreekvols
    , contributor
    Comments (9391) | Send Message
     
    Barron's will have an article on why this is a bad idea, no doubt.

     

    Since when is lowering a price target considered an upgrade?
    8 Jul 2013, 10:07 AM Reply Like
  • royk01
    , contributor
    Comments (334) | Send Message
     
    Traderj44, it may be a technical upgrade to Merrill Lynch, but it surely does not make me feel much better. I suppose it is a lot better to say they are upgrading it for the headline. Little solace.
    8 Jul 2013, 10:07 AM Reply Like
  • jjiijjii
    , contributor
    Comments (3) | Send Message
     
    My thought exactly: who or what the heck is BAML.
    8 Jul 2013, 10:14 AM Reply Like
  • takarisk
    , contributor
    Comments (2) | Send Message
     
    bank of America/merrill lynch
    8 Jul 2013, 10:15 AM Reply Like
  • takarisk
    , contributor
    Comments (2) | Send Message
     
    Bank of America? Merrill lynch
    8 Jul 2013, 10:15 AM Reply Like
  • davidwisdom39@yahoo.com
    , contributor
    Comments (56) | Send Message
     
    BAML = Bank of America/Merrill Lynch.
    8 Jul 2013, 11:40 AM Reply Like
  • emurphy1951@aol.com
    , contributor
    Comments (2) | Send Message
     
    In my opinion, LINE is a substantial asset-based energy company operating in regions of the greatest potential for growth in domestic energy reserves, competing effectively among the majors and largest independents, and performing at or above expectations of the marketplace. LINE is an asset-based company with cash flow, net income and substantial capitalized value. I agree with the Bank and other supporting analysts; and I doubt the analysts who speculate on the down-side risk, probably short-selling as they blog.
    8 Jul 2013, 11:41 AM Reply Like
  • fmpmailinc@aol.com
    , contributor
    Comments (57) | Send Message
     
    I am anticipating the completion of the BRY deal next qtr. I'm Long LINE and getting longer. I'm selling the JAN 20 and JAN 25 PUTS. They had some nice premium in them last Friday. The yield on this MLP is just too good to pass up and I believe the BRY deal will add significant value in the long run for patient owners. you may well see a $40 price before the end of the year.
    8 Jul 2013, 11:51 AM Reply Like
  • donnaf
    , contributor
    Comments (43) | Send Message
     
    Where can we find inside buying on LINE, LNCO?
    8 Jul 2013, 12:55 PM Reply Like
  • hdiesel
    , contributor
    Comments (50) | Send Message
     
    Both LINE/LNCO holding up well as of 1pm EST. Both north of 10% gains. Today is first day of ex-div on the monthly dividend.. this plus high carrying costs for short-sellers will definitely lead to more covering. Price action over the next days will be critical to see whether the shorts will reload or cover. BAML upgrade important as will give buyers more reason even with price target lowered significantly due to continued risk of BRY deal not closing, and the SEC looking at whatever they look at. I suspect the BAML price target will be raised significantly should the SEC end their investigation and the BRY deal moves forward. However don't expect this to happen in 3q. Expect price volatility. I will hedge my longs in both names with options.
    8 Jul 2013, 01:08 PM Reply Like
  • Brown1510
    , contributor
    Comment (1) | Send Message
     
    Stay away there is more news to come.
    8 Jul 2013, 09:46 PM Reply Like
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