UPDATE: Rodman & Renshaw Cuts Target to $15 on Endeavour International Corporation
Rodman & Renshaw lowers its price target on Outperform-rated Endeavour International Corporation (NYSE: END) to $15, down $1, on lower 2012 production forecast for Bacchus, which has seen persistent delays.
Rodman & Renshaw notes, "END still expects Bacchus bto produce 4-5 MBo/d net to its interest when all 3 wells are online. We had been assuming first sales from Bacchus in early Q2 ramping to a peak of ~4.5 MBo/d later in the quarter; pushing this back to mid-Q3 causes our 2012 production forecast to slide to ~11.5 MBoe/d (from ~12.5 MBoe/d)."
END closed at $11.57 a share on Wednesday.
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