UPDATE: Citigroup Reiterates Buy Rating, Raises PT for Linn Energy

In a company update published earlier today, Citigroup Inc. reiterated its Buy rating for Linn Energy, LLC (NASDAQ: LINE) and very slightly raised its price target from $48.00 to $48.50.

Citigroup went on to say “Our investment opinion reflects our view that these units offer investors a relatively attractive yield that is partially supported by an active risk management program, with the potential for cash distribution growth over time through the addition of production and reserves. Overall, Linn Energy should appeal to income-oriented seeking exposure to commodity prices. Though continued unit price volatility should be expected, in the near term, we urge investors to use any weakness in the unit price to strategically add/build positions. This viewpoint suggests that the investment proposition remains strong (i.e. over time expect growth through acquisitions), investors are buying into an improving storyline, and, due to the company's risk management program, generally believe that the risks to the distribution per unit are manageable in 2012.”

Linn Energy, LLC closed yesterday at $35.99.