UPDATE: Sterne Agee Maintains Buy on Gulfport Energy With Better Outlook in 2014

In a report published today by Sterne Agee, analyst Tim Rezvan maintained a price target of $80.00 on Gulfport Energy

with a Buy rating. Rezvan stated, "We cut our 2013 production outlook even though Gulfport maintained guidance of ~21.8 mboe/d (+210% y/y growth). We now estimate production of 18.4 mboe/d (+162% y/y growth), with most of the decrease due to lower than expected 1H13 volumes, partially offset by stronger 4Q13 growth. Our conversations with clients since last fall suggest that most agree with our thesis that hitting 2013 growth milestones is less important than validating the quality/repeatability of the Utica Shale's liquids fairway. While a frigid end to winter created some delays, we appear to be nearing the end of the bottleneck. We will look for news on the two Lyon wells in western Harrison County being turned to sales, which should essentially complete the Harrison County infrastructure build-out." Gulfport Energy currently trades at $50.12.