UPDATE: Deutsche Bank Initiates Goodrich Petroleum with Buy, $23 PT

Deutsche Bank initiates its coverage on Goodrich Petroleum

with a rating of Buy and a price target of $23 as the company's oil growth with Eagle Ford appears under-appreciated. Deutsche Bank notes, "GDP's solid Eagle Ford oil growth, with implications for cash flow and security of funding, remains underappreciated by the Street today. GDP shows top tier CF and margin growth through 2015 in our base case, with two upside options that could launch shares if struck: (1) upside to natural gas (via core Haynesville) and (2) upside to the Tuscaloosa Marine Shale, a developing liquids play in Mississippi and Louisiana. With unsurpassed TMS leverage." GDP closed at $15.16 on Wednesday.