UPDATE: Wunderlich Raising Its Price Target On Abraxas Petroleum

Wunderlich Securities is out with a research report on Abraxas Petroleum Corporation AXAS, and is raising its price target to $8. It has a Buy rating on shares. In a note to clients, Wunderlich Securities writes, "Abraxas Petroleum (AXAS) has secured a rig for the Williston Basin North Fork Development project and is on track to start pad drilling. The company plans to bring roughly four gross wells on line each quarter starting in early 2012. This is a huge impact on AXAS' ability to capture probable reserves in the next five years and we raised our NAV from $6.66 to $7.89; we also raised our 2012 earnings and cash flow projection. In addition to the Williston Basin Bakken and South Texas Eagle Ford Plays, AXAS has a significant footprint in the Powder River Basin (PRB) Niobrara-Turner Play, the Reeves County Texas Wolfbone Play, and the South Alberta Bakken Play. What if they are all prospective?" Shares of AXAS closed at $4.35 yesterday.