UPDATE: Stifel Nicolaus Upgrades Venoco to Buy on Take-Private Progress

Stifel Nicolaus initiates its coverage on Veneco

from Hold to Buy and establishes a price target of $12.50. Stifel Nicolaus comments, "Venoco announced today that its board of directors has agreed to extend the CEO's take-private offer for the company to July 20, 2012. The extension allows the CEO additional time to secure the necessary financing. The release also indicated that a special committee of independent directors agreed to the extension in light of the progress made toward a potential transaction, including the previously announced (June 5, 2012) shareholder approval and a signed term sheet regarding potential financing to be obtained by Mr. Marquez." VQ closed at $10.29 on Tuesday.