UPDATE: Hilliard Lyons Raises PT on Approach Resources to $40

Hilliard Lyons has published a research report on Approach Resources

after the company reported 4Q earnings up $0.06 y/y but $0.04 below analyst estimates. In the report, Hilliard Lyons writes, "We are forecasting production volume of 2,900Mboe for 2012, partially offset by a more conservative commodity price environment. As a result, we are increasing our EBITDDA forecast for 2012 from $90M to $110M and inaugurating a 2013 forecast of $135M. We are also increasing our operating EPS estimate for 2012 from $1.05 to $1.25 and inaugurating a 2013 estimate of $1.60." Hilliard Lyons maintains its Long-term Buy rating and has raised the price target from $35 to $40 on Approach Resources, which is currently trading down $0.54 from Friday's $35.45 closing price.