FBR Capital analyst Chad Mabry downgraded two Master Limited Partnerships but reiterates Outperform ratings on four others. Mabry cut LINN Energy (LINE) to Underperform from Market Perform saying he does not see any residual value for unit holders unless commodity prices "improve meaningfully." He cut his price target for shares to $2 from $6. Mabry also downgraded Mid-Con Energy (MCEP) to Market Perform from Outperform saying he expects another distribution cut by the end of 2016. He cut his price target for shares to $4 from $6. On the flip side, the analyst reiterates Outperform ratings on Atlas Resource Partners (ARP), Legacy Reserves (LGCY), Memorial Production (MEMP) and Vanguard Natural (VNR). While oil and gas price weakness highlights risks to distribution stability, the market is "discounting too dire a scenario" for certain partnerships, Mabry argues.