UPDATE: Sterne Agee Raises PT on Gulfport Energy Corporation on Bullish 2014 Outlook

In a report published Wednesday, Sterne Agee analyst Tim Rezvan reiterated a Buy rating on Gulfport Energy Corporation

, and raised the price target from $60.00 to $80.00. In the report, Rezvan noted, “Impactful catalysts over the next 4-5 months should drive multiple expansion. Our analysis suggests shares do not reflect the likelihood of 100-acre spacing or 2 mmboe EUR wells in the Utica Shale. After analyzing Gulfport's Utica production and liquidity outlook, we increase 2014E EBITDA by 29% to $936 million and raise our PT to $80 (5x '14E EV/EBITDA). Despite the recent rally, Gulfport remains a compelling deep-value name (2.9x '14E EV/EBITDA).” Gulfport Energy Corporation closed on Tuesday at $44.87.