Miller Petroleum Rated Buy At Wunderlich (MILL)
Wunderlich Securities is rating shares of Miller Petroleum, Inc. (NASDAQ: MILL) a Buy with a $9 price target after the oil company reported its annual report.
In a note to clients Wunderlich Securities writes, "Miller Petroleum, Inc. (MILL) recently released its F2010 results and 10-K that included a great deal of additional information on the company's recently acquired Alaska assets. The F4Q10 came in as we expected as the company reported a net loss of $0.08, which was our estimate for the quarter. Overall, we remain positive on the story despite potential growing pains as we believe Miller was able to acquire the Alaska assets at an extremely cheap rate and we are confident the company can execute operationally to realize the value of the properties. As such, we maintain our Buy rating and $9.00 per share price target based on our F2012 CFPS estimate of $1.43 and 6.3x price target multiple."
Shares of Miller are up 3 cents in early Friday trade to $5.05.
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Tags: Wunderlich Securities