UPDATE: Raymond James Upgrades Enerplus Corporation to Outperform
Raymond James raised its rating on Enerplus Corporation (NYSE: ERF) from Market Perform to Outperform with a reiterated price target at $18.
Raymond James noted, "After market Monday (August 20), ERF announced an agreement to sell its shares of private company Laricina Energy Ltd. for net after-tax proceeds of ~$141 mln; the proceeds will be used to pay down debt. … We are maintaining our $18 target and moving our rating to Outperform based on a total return profile of 24%; the stock is attractively valued, trading at just 4.5x our 2013E cash flow, 5.7x on a debt-adjusted basis."
Enerplus Corporation closed at $15.55 on Monday.
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