UPDATE: Wunderlich Securities Reiterates Buy Rating, Raises PT on Earthstone Energy as Production and Liquidity are Already Ahead of Schedule

In a report published Monday, Wunderlich Securities analyst Jason A. Wangler reiterated a Buy rating on

, and raised the price target from $24.00 to $27.00. In the report, Wunderlich Securities noted, “Earthstone Energy (ESTE) certainly has gotten off on the right foot given its release last week about its updated production and liquidity levels. Since these are clearly two of the most important parts of any E&P, we believe this bodes well for the future of ESTE as it looks to continue to grow production from its high impact Eagle Ford assets while also likely looking to add inventory/acreage by utilizing its liquidity opportunistically. With the strategic combination now behind them, management can now focus on growing the production and asset base of ESTE and, given its history, we feel these endeavors will be successful. Given the higher production, we have increased our estimates and these moves are causing us to raise our price target from $24 to $27; we maintain a Buy rating.” Earthstone Energy closed on Friday at $22.60.