UPDATE: Credit Suisse Upgrades Enerplus Corporation to Outperform on Updated View of Commodity Prices
Credit Suisse raised its rating on Enerplus Corporation (NYSE: ERF) from Neutral to Outperform and but reduced its price target from $22 to $21.
Credit Suisse noted, "Credit Suisse recently revised its global GDP forecasts from 3.6% and 4.2% for 2012 and 2013 respectively to 3.3% and 3.8%. Based on lower global growth forecasts, Credit Suisse is also now updating its commodity price views. … Incorporating updated oil and gas price forecasts, including the impact of hedges, we have made the following changes to our estimates for Enerplus. Our 2012 operating EPS/CFPS go from C$0.52/3.32 to C$0.39/3.14 while 2013 go from C$1.41/4.55 to C$0.69/3.52. Our 2014 EPS estimate is lowered to C$1.24 from C$2.30."
Enerplus Corporation closed at $12.26 on Tuesday.
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