UPDATE: Stifel Nicolaus Upgrades Bill Barrett to Buy

Stifel Nicolaus upgrades Bill Barrett BBG to Buy as liquids growth and resource testing could turn the company around. Price target is at $43 per share. Stifel Nicolaus notes, "With the stock close to its 52 week lows due to low gas prices, we believe that the entry point is attractive and believe that the upcoming analyst day (January 24th), along with liquids weighted 2012 growth and the testing of new liquids plays will be the drivers to turn the name around. Although the company is 92% gas weighted today, we believe the 39% hedging at $4.50/mcf, along with the current valuation (4.0x 2012E EV/EBITDA at $4.50/mcf) will limit its downside risk." BBG closed at $34.52 per share on Wednesday.