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KeyBanc Capital Markets Initiates Buy, $20 Target on Bonanza Creek Energy


KeyBanc Capital Markets initiates a Buy rating and $20 target price on Bonanza Creek Energy (NYSE: BCEI), reflecting valuation and growth opportunities.

KeyBanc Capital Markets says, "We are initiating coverage of Bonanza Creek Energy, Inc. (BCEI-NYSE) with a BUY rating and price target of $20.00 per share, given our view of relatively inexpensive valuation, attractive liquids-rich growth opportunities from the Niobrara shale and ample upside to asset value given execution. As BCEI embarks on a 20 horizontal well program in the highly coveted Wattenberg Field in 2012 vs. four in 2011, we expect the Company's targeted 92-120% growth in 2012 to provide an attractive vehicle to oiloriented growth as the Niobrara becomes further de-risked."

BCEI closed at $14.75 a share on Monday.

Posted-In: KeyBanc Capital MarketsAnalyst Color Price Target Initiation Analyst Ratings


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