Imperial Capital Reiterates Outperform, Raises Price Target On Penn Virginia On 4Q14 Review

In a report published Monday, Imperial Capital analyst Kim Pacanovsky reiterated an Outperform rating on

, and raised the price target from $8.00 to $9.00. In the report, Imperial Capital noted, "We are maintaining our Outperform rating and raising our price target to $9 from $8 on PVA shares, about 36% above the recent share price. Our higher price target more appropriately reflects the impact of a potential take-out of PVA shares. Despite a large revenue shortfall that was a result of December hedge proceeds being received in January (combined with the steep drop in NYMEX crude), PVA's combination of a promising Upper Eagle Ford play, strong liquidity, and an article in the Wall Street Journal dated 2/26/15 that the company is a potential acquisition target keep us positive on PVA despite the commodity slide and previous missteps." Penn Virginia closed on Friday at $6.64.