UPDATE: JP Morgan Raised PT to $17.50 on Goodrich Petroleum Post Model Update
JP Morgan reiterated its Overweight rating on Goodrich Petroleum (NYSE: GDP) and raised PT from $17 to $17.50.
JP Morgan noted, "We updated our NAV and estimates for 2Q12 earnings and the latest operations data. Also, our model includes the South Henderson sale, which GDP anticipates will close by October 1, 2012. Slightly raising price target. We are raising slightly our Dec 12 price target to $17.50 from $17.00 based on updating our model for 2Q12 earnings, the latest operations data, and the South Henderson sale. The basis for our Dec 12 price target is 70% of our JPM NAV at YE12."
Goodrich Petroleum closed at $13.76 on Friday.
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