UPDATE: Canaccord Genuity Initiates Coverage on Midstates Petroleum Company with Buy Rating, $8 PT Following New Acquisitions

In a report published Thursday, Canaccord Genuity analyst Ipsit Mohanty initiated coverage on Midstates Petroleum Company

with a Buy rating and $8.00 price target. In the report, Mohanty noted, “The story for Midstates Petroleum (MPO) has completely changed since the IPO last year as the script now shifts to development of newly acquired Anadarko Basin (NE Texas, SW Oklahoma) and Mississippian Lime (Central Oklahoma) assets. Acquisitions have now provided MPO with the prospects for a multi-year double-digit growth in production (58%/2013E, 39%/2014E), a decade-long drilling inventory that could multiply in multi-stacked plays, and a lower risk profile. We initiate MPO with a BUY rating and price target of $8. Our price target represents 37% potential upside over 12 months, with a ‘bull case' of $9.” Midstates Petroleum Company closed on Wednesday at $5.74.