UPDATE: Stifel Nicolaus Downgrades Gulfport Energy to Hold on Valuation
Stifel Nicolaus reduced its rating on Gulfport Energy (NASDAQ: GPOR) from Buy to Hold and removed its previous $38 price target.
Stifel Nicolaus said, "Bottom line, with the company already having put out seven good well results and 2013 production growth guidance of 142%, we feel that in the near-term a lot of the good news is in the stock and therefore see little near-term upside potential. At the same time, the execution risk cannot be ignored given the high production growth target already imbedded in our 2013 EBITDA, the lack of production histories, the limited data points, the limited infrastructure, and the sensitivity to the Utica."
Gulfport Energy closed at $38.09 on Thursday.
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