UPDATE: Wunderlich Securities Initiates Triangle Petroleum with Buy, $8 PT on Operated Drilling Focus

Wunderlich Securities initiates its coverage on Triangle Petroleum

with a Buy rating and a price target of $8. Wunderlich Securities comments, "Triangle has grown from a non-operated Williston company to an operated E&P with oil field service capabilities to ensure that it can drill and complete wells in a cheaper and more timely fashion. We expect positive results from Triangle's initial four operated well completions to drive strong production growth for 2H12 and an aggressive drilling program to boost production further. At the current valuation, we believe Triangle exhibits a compelling opportunity for investors given the upcoming potential catalysts." TPLM closed at $5.22 on Wednesday.