UPDATE: Stifel Nicolaus Raises Target to $75 on Whiting Petroleum

Stifel Nicolaus reiterates its Buy rating on Whiting Petroleum

and raises its price target to $75 from $70 on Pronghorn data. Stifel Nicolaus notes, "We are increasing our type curve for WLL's Pronghorn area (118k net acres) to 550 MBoe from 450 MBoe where the average IP for seven wells completed during 4Q11 was 2,184 Boe/d on 40/64" chokes. While we have found IP rates to be an unreliable indicator of future performance, these rates, coupled with longer term data from older wells in the area suggest our previous type curve is too conservative." WLL closed at $51.35 a share on Tuesday.