UPDATE: Rodman & Renshaw Upgrades Endeavour to Outperform

According to Rodman & Renshaw, Endeavour International

is upgraded to Outperform. Rodman & Renshaw said that it is upgrading END to Market Outperform (from Market Perform) and reinstating a target price of $12.50. “We arrive at our target price by applying a 1x multiple to our NAV of the company's proved and risked upside reserves, valued at long-term commodity prices of $90/Bbl and $5.00/Mcf.” Endeavour International closed yesterday at $7.94.