UPDATE: Miller Tabak Initiates Bonanza Creek Energy with Buy, $28 PT on Catalyst and Growth Outlook

Miller Tabak initiated its coverage on Bonanza Creek Energy BCEI with a Buy rating and a price target of $28 a share. Miller Tabak noted, "Bonanza Creek is a Denver-based independent exploration and production company with over 81,000 acres in the Rocky Mountains and the Mid-Continent. Core operating areas are the DJ Basin in Colorado (Wattenberg Field) and the Cotton Valley in southern Arkansas. BCEI trades at just 4.2x 2012 EV/EBITDA and 2.6x 2013 EV/EBITDA, offering 75% upside to our price target. We recommend buying BCEI before upcoming catalysts as Bonanza Creek enters a period of rapid growth." Bonanza Creek closed at $17.33 on Wednesday.