UPDATE: Wunderlich Securities Initiates Denbury Resources with Buy and $18 PT on Potential Asset Growth

Wunderlich Securities initiates its coverage on Denbury Resources

with a Buy rating and a price target of $18. Wunderlich Securities comments, "The company focuses on boosting the production of large, mature oil fields utilizing its sizeable carbon dioxide supply. The ownership and control of carbon dioxide reserves allows Denbury to extract considerably more value out of these fields than most other companies. Denbury also has a sizeable Williston basin presence, which gives the company a profitable near-term growth driver to go along with its long-term tertiary projects. We believe Denbury shares are undervalued currently given the company's strong start to 2012, oily asset base, financial standing, and long-term growth potential." DNR closed at $15.44 on Wednesday.