Dahlman Rose Calls Energy XXI "Compelling" (EXXI)

Dahlman Rose & Co. is out with a research report on Energy XXI

, and calls the company compelling at these levels. It has a $23 price target and Buy rating after the company reported inline earnings. In the research report, Dahlman Rose writes, "We estimate an NAV of $22/sh at the current NYMEX strip, which continues to include heavy risking of the Ultra-Deep Shelf. We also estimate EXXI currently trades at 5.6x 2011 EV/EBITDAX (year ending Dec 2011) and thus is already getting some credit for its exploration catalysts, but upside remains."