BofA/Merrill analyst Dennis Coleman initiated Rattler Midstream (RTLR) with a Buy and $21 price target citing strong growth and sponsorship from Diamondback Energy (FANG). In a research note to investors, Coleman says he believes Rattler offers a "unique" investment case as a Permian-focused midstream provider of water handling and related oil and natural gas gathering and crude oil transmission, saying that with 70%+ of EBITDA derived from water-related services, Rattler is the first of its kind, offering a unique "pure play" water handling opportunity.