UPDATE: JP Morgan Upgrades Venoco to Overweight on Take-Private Likelihood

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JP Morgan raised its rating on Venoco
VQ
from Underweight to Overweight and increased its price target from $7.50 to $12.50. JP Morgan noted, "Before market open Friday, VQ announced an updated financing plan for the CEO's planned take-private transaction. DPC (Denver Parent Corporation, an affiliate of the CEO) has until this Thursday (noon ET) to obtain committed financing. The termination date of the deal remains this Friday. DCP seems close to getting the deal done. It upsized the second lien term loan based on strong interest. Also, Friday's update suggests DCP is finalizing VPP terms and pricing. We are upgrading the company to Overweight from Underweight and increasing our PT to $12.50/share, which is equal to the targeted take-private price." Venoco closed at $11.73 on Friday.
Posted In: Analyst ColorUpgradesPre-Market OutlookAnalyst RatingsJP Morgan
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