UPDATE: Wunderlich Securities Raises Target to $24.50 on SandRidge Permian Trust

Wunderlich Securities raises its target price on Buy-rated SandRidge Permian Trust

on outlook of higher distributions. Wunderlich Securities says, "Buy-rated SandRidge Permian Trust (

) held its conference call after previously announcing a distribution of $0.553523/unit, which was above our estimate. We are increasing our price target to $24.50/unit from $21/unit as we have increased our outlook for the trust's distributions primarily due to its stronger-than-expected drilling results. Increasing our outlook for distributions results in a higher value in our dividend (distribution) discount model. Although the units are trading close to our price target, we believe the attractive yield plus potential distribution growth over the next several years makes the units a solid investment opportunity." PER closed at $23.65 a share on Friday.