UPDATE: Canaccord Genuity Reiterates Buy Rating, Lowers PT on Endeavour International Corporation

In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on Endeavour International Corporation

, but lowered its price target from $10.50 to $8.50. Canaccord Genuity noted, “Driven by its UK North Sea operations, END has begun a period of significant production growth that we do not believe is fully reflected in the stock price. Due to the company being unable to close the MacCulloch and Nicol acquisitions however, we are lowering our estimates, NAV, and price target, but maintaining a BUY on the stock.” Endeavour International Corporation closed on Tuesday at $5.20.