UPDATE: Rodman & Renshaw Ups Target to $34 on Northern Oil and Gas

Rodman & Renshaw raises its target on Outperform-rated Northern Oil and Gas

to $34, up $4, on higher Bakken and Three Forks upside assumptions. Rodman & Renshaw comments, "Leading operators have been assuming up to 8 wells per unit (4 Bakken and 4 TF) in the play, but the prospectivity of the lower benches could further increase the ultimate development plan. As a result, we feel it's prudent to increase our upside assumptions to include 4 Bakken and 3 Three Forks locations per 1,280-acre unit (from 3 and 2, respectively)." NOG closed at $23.71 a share on Wednesday.