UPDATE: Sterne Agee Maintains Buy Rating, Lowers PT for Gulfport Energy

In a company report published earlier today, Sterne Agee Group, Inc. maintained its Buy rating Gulfport Energy Corporation

but lowered its price target to $38.00. Sterne Agee went on to say “The recent sell-off in Gulfport shares reflects fading optimism on the near-term impact of the Utica Shale to the growth thesis. However, we continue to believe the play can be transformative, and while the delay in production has clearly frustrated investors, it does not diminish the quality of the acreage. We reduce our Price Target to $38 to reflect a more muted growth trajectory through 2013.” Gulfport Energy Corporation closed yesterday at $22.05.