UPDATE: JP Morgan Raises Price Target for Cobalt International Energy Due to New Discoveries

In a report published on Wednesday JP Morgan analyst, Jeanine Wai raised the PT on

from $31.50 to $32 and maintained its Overweight rating on the company. In the report JP Morgan commented, "We ran five cases (Base, Downside #1, Downside #2, Upside #1, and Upside #2) to evaluate CIE's NAV sensitivity to different levels of exploration success. Our analysis suggests that the current stock price reflects the equivalent of three 2013 discoveries plus reasonable success in CIE's various deepwater GoM and West Africa play areas. We maintain our Overweight rating given our view of the attractive risk/reward and the significant upside potential from Cobalt's near-term exploration program." Cobalt International Energy closed on Tuesday at $27.94