UPDATE: Rodman & Renshaw Cuts PT to $4 on Voyager Oil & Gas

Rodman & Renshaw lowers its price target to $4 on Outperform-rated Voyager Oil & Gas

to reflect a more conservative view on production growth. Rodman & Renshaw notes, "We're going to take a more conservative approach to the company's Bakken production ramp due to a lengthier estimate of spud-to-first-production timing and a more conservative approach to potential well downtime. As a result, our 2012 production forecast falls to ~1.2 MBoe/d from ~1.7. For 2013, our production forecast slides to ~2.5 MBoe/d from ~3.0. The lower production forecast causes our 2012 and 2013 CFPS estimates to slide to $0.39 and $0.75 from $0.65 and $1.05, respectively." VOG closed at $3.11 a share yesterday.