BofA/Merrill analyst Julien Dumoulin-Smith initiated Tellurian (TELL) with a Buy rating and a price target of $12. The analyst says he is positive on the experience of its management in driving the development of its Driftwood LNG project given the "complexity involved in locking in LNG commitments and obtaining financing while also navigating the FERC permitting process". He also views the current 19% holding of the company's common stock by Total (TOT) as an "important signal of confidence", and sees a positive skew in the risk/reward profile of the shares.