UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Penn Virginia Corporation on Good Long-Term Potential

In a report published Thursday, Jefferies analyst Biju Z. Perincheril reiterated a Buy rating on

, and raised the price target from $6.50 to $7.00. In the report, Jefferies noted, “With MHR's monetization of its 15% stake in PVA, investor focus should return to PVA's underlying operations, which we think are improving on multiple fronts. Despite yesterday's rally, we believe the stock has a long way to go to fully reflect its Eagle Ford potential.” Penn Virginia Corporation closed on Wednesday at $5.61.