UPDATE: Imperial Capital Downgrades Endeavour International Corporation to In-Line on Execution Missteps
Imperial Capital downgraded Endeavour International Corporation (NYSE: END) from Outperform to In-line and lowered the price target from $11.00 to $8.50.
Imperial Capital commented, "The company failed to close on its acquisition of MacCulloch and announced further delays related to first production at Rochelle (now targeting June/July 2013 timeframe). While significant upside remains to our NAV estimate, this gap cannot be closed unless the company can demonstrate the ability to effectively manage project risk as well as a potentially tight liquidity situation, in our opinion. We believe investors should wait for the company to demonstrate success in execution, before taking advantage of the most recent price dislocation."
Endeavour International Corporation closed at $3.05 on Friday.
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