Atlas Energy +2% as RBC starts at Outperform on strong distribution outlook


Atlas Energy (ATLS +2.1%) is initiated with an Outperform rating and $55 price target at RBC, which believes ATLS can maintain a top-tier distribution growth over the next few years even if underlying MLP distribution growth is below expectations due to IDRs in the deep splits and significant future equity needs at both.

Also, RBC starts the Atlas Pipeline (APL -0.1%) MLP at Sector Perform with a $36 target, seeing low-to-mid single-digit distribution growth through the next several years due to expected strong volume growth on its systems but offset by equity capital needs and a future preferred equity conversion, factors which likely will keep a lid on distribution growth through the forecast period.

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