J.P. Morgan Updating SandRidge Energy Model For 10-K Data

According to J.P. Morgan, SandRidge Energy's

model is updated for 10-K data. J.P. Morgan reported that it is updating its NAV and price target based on YE10 proved reserves. “Further, we are adjusting our earnings and cash flow estimates based on marked-to-market 1Q11 commodity prices. We are increasing our price target to $9.50 from $9.00 based on our calculated NAV of $9.40/share. The growth in 2010 proved reserves and updated financial and operating data contributed to the increase in NAV. NYMEX NAV is $12.63.” SandRidge Energy closed yesterday at $11.70.