UPDATE: Pritchard Capital Partners Downgrades Endeavour International; Lowers PT

According to a research report published this morning, Pritchard Capital Partners has downgraded Endeavour International

from Buy to Neutral, and lowers PT from $17 to $10. In the report, Pritchard Capital Partners said, "Discussions continue between ConocoPhillips (COP, $54.59-NR) and the Alba partners, including the operator, Chevron Corporation (CVX, $107.03-NR), concerning the closing requirements for the Alba field transaction. While END believes progress is being made and the deal can close by the end of this month, we would rather move to the sidelines until the situation is resolved and are downgrading the stock. Based on this new development, we believe it is necessary to exercise caution, and are removing the acquisition from our numbers and reducing our NAV and PT to $13 and $10 from $21 and $17." Endeavour International closed yesterday at $9.77.