UPDATE: Rodman & Renshaw Upgrades BPZ Resources

According to a research report published earlier today, Rodman & Renshaw has upgraded BPZ Resources Inc. BPZ from Market Perform to Market Outperform. Rodman & Renshaw commented in the report, “Given the impressive PV10 value and near-term nature of a JV deal, we think it makes sense to buy shares of BPZ in front of the announcement. We are reinstating our target price at $5.50, which implies a 20% discount to our NAV given the high PUD component in the company's reserves and its past operational issues. We currently see 60%-65% upside to our target price. We arrive at our target price by applying a 0.8x multiple to our NAV of the company's proved and risked upside reserves, valued at long-term commodity prices of $90/Bbl and $5/Mcf.” BPZ Resources closed Friday at $3.40.