UPDATE: Credit Suisse Initiates Outperform, $23 PT on Bonanza Creek

Credit Suisse initiates coverage on Bonanza Creek (NYSE: BCEI) with a rating of Outperform and a $23 price target on early Niobrara success.

Credit Suisse says, "BCEI holds 29k net acres in Weld County, CO, where the company recently commenced a horizontal Niobrara drilling program on the eastern edge of prolific Wattenberg field, where it also has an inventory of more than 400 2P vertical Codell/Niobrara locations."

BCEI closed at $15.51 a share yesterday.

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