UPDATE: Wunderlich Securities Upgrades Berry Petroleum Following 2Q13 Results Report

In a report published Monday, Wunderlich Securities analyst Jason A. Wangler upgraded Berry Petroleum BRY from Hold to Buy, and raised the price target from $46.00 to $50.00.

In the report, Wunderlich Securities noted, “Berry Petroleum (BRY) reported 2Q13 results last week that had EPS of $0.73, missing the Street's $0.79 but ahead of our $0.71 estimate. We believe this ‘miss' is due mostly to analysts moving on to other projects as quarterly results for Berry have been less (if at all) important as the acquisition of Berry by LINN Energy (LINE-$24.99, Buy) and LinnCo (LNCO-NR) for 1.25 LNCO shares for each Berry share is the main driver of the stock. Sadly this drive has been downhill for about the past month as the transaction has dragged on and an SEC inquiry into the acquirers have put the deal in jeopardy. However, Berry has continued to perform solidly on its oily asset bases, as indicated by its 2Q13 release that showed growth in production and reaffirmed guidance, and that fact is important.”

Berry Petroleum closed on Friday at $41.00.