UPDATE: BMO Capital Markets Raises PT, Maintains Outperform Rating on Laredo Petroleum Holdings Following Asset Sale

In a report published Wednesday, BMO Capital Markets analyst Dan McSpirit raised the price target on Laredo Petroleum Holdings LPI from $21.00 to $24.00, and maintained an Outperform rating. In the report, BMO Capital Markets noted, “When we upgraded LPI to Outperform last Monday (5/13) we stated that our thesis would take time to play out. It would start with the sale of the Anadarko Basin assets, leaving a stock with less of a financing overhang, a purer-play Permian Basin producer and a better-told story about returns and growth. Well, we got the asset sale and the beginnings of our thesis being fulfilled. The company announced yesterday before market open that it divested its 104k net acre position in the basin for ~$438MM in cash (or ~$7,600 per flowing Mcfe). Closing expected in 3Q13. Bring on the Permian.” Laredo Petroleum Holdings closed on Tuesday at $19.95.