UPDATE: Wunderlich Securities Reiterates Buy Rating, Lowers PT on American Eagle Energy Corporation on Pullback Until Spring

In a report published Tuesday, Wunderlich Securities analyst Irene O. Haas reiterated a Buy rating on

, but lowered the price target from $9.00 to $4.00. In the report, Wunderlich Securities noted, “American Eagle Energy Corporation (AMZG) operates in the northwest Williston Basin of North Dakota. As an upstart E&P company, AMZG has run into logistical delays, mostly third-party and weather related. In reaction to low oil prices and previous bad experiences with weather-related issues, the company has opted to sit tight this winter and return in early 2015 with a one-rig program. Capex has been reduced from $120 million to $60 million for next year. We reduced our NAV and our price target from $9 to $4 to reflect a more modest level of activity. We believe the company can still generate 35% to 40% growth and can fund capex with small amounts of borrowing. We rate AMZG shares Buy, although in the near term we are not expecting much improvement until oil prices firm up.” American Eagle Energy Corporation closed on Monday at $1.48.