UPDATE: Topeka Capital Markets Downgrades Laredo Petroleum Holdings on Fulfillment of PT

In a report published on Friday, Topeka Capital Markets analyst Gabriele Sorbara downgraded

from Buy to Hold and maintained a $25 price target. In the report, Topeka Capital Markets stated, "LPI shares have appreciated 37.3% since our May 17, 2013 initiation, well above its peers which are up 19.1% on average over the same period. We attribute the outperformance to the Anadarko Basin sale and ramp up in activity, as well as the recent excitement around the potential of the Permian Basin. While there is potential upside relative to our $31.00 RNAV (see Figure 1 below), we believe there are better risk/reward names in our universe. While we continue to like the LPI story, with the above average leverage on the balance sheet (2.5x 2014 Net-debt/EBITDA vs. our universe at 1.6x) and at the current valuation (7.3x 2014 EV/EBITDA vs. peers at 7.0x), we believe it is prudent to move to the sidelines." Laredo Petroleum Holdings closed on Thursday at $24.68.