UPDATE: Oppenheimer Upgrades LRR Energy to Outperform on Anticipated Acquisition
Oppenheimer raised its rating on LRR Energy (NYSE: LRE) from Perform to Outperform with a $24 price target.
Oppenheimer said, "We are upgrading LRE shares to an Outperform rating and are assigning a $24 price target as we anticipate accretive acquisitions in 1H13 will boost investor confidence in the company's growth outlook. By reaching the one-year anniversary of its IPO, LRE will be S-3 eligible this December, allowing it to issue equity, increase its float and execute its acquisition strategy. We believe these actions will act as the next catalysts to lift the stock. The 9.9% yield and upcoming catalysts provide an attractive entry point for investors, in our opinion. Our estimate changes reflect updated commodity prices."
LRR Energy closed at $19.08 on Wednesday.
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