UPDATE: Canaccord Genuity Initiates Energy XXI Limited at Buy on Asset Base, Cash Flow

Canaccord Genuity initiated coverage on Energy XXI Limited

with a Buy rating and a $44 price target. Canaccord Genuity commented, "We like EXXI for its oil-weighted asset base, consistent cash generation, and potential upside from its ultra-deep program, which is getting closer to becoming a contributor to reserves and production. … The company continues to exploit its deep inventory of oil-weighted core shelf prospects acquired from Exxon Mobil Corporation in December 2010, with most results to date exceeding expectations. EXXI has a deep portfolio of prospects capable of driving production for years to come." Energy XXI Limited closed at $33.30 on Wednesday.