Imperial Capital Reiterates Outperform, Raises PT On Goodrich Petroleum On Good Upside Potential

In a report published Wednesday, Imperial Capital analyst Kim Pacanovsky reiterated an Outperform rating on Goodrich Petroleum Corporation (NYSE: GDP), and raised the price target from $4.00 to $7.00.In the report, Imperial Capital noted, "We are maintaining our Outperform rating on GDP shares and raising our one-year price target to $7 from $4. Our one-year price target represents 79% potential upside from the recent price. GDP management presented several positive developments, including a $100mn second lien financing that, in our opinion, should ensure that GDP survives through 2016, at which time we expect considerably improved crude (and gas) pricing. Although the recent share raise adds a sizeable 27% to shares outstanding, we believe current shareholders will be rewarded by enhanced liquidity and eliminating the possibility of a fire-sale of assets. We believe the combination of enhanced liquidity and improving well costs in the TMS means the stock can potentially offer superior return at these levels."Goodrich Petroleum closed on Tuesday at $3.91.