UPDATE: Stifel Nicolaus Initiates Coverage on Aegean Marine Petroleum Network with Buy Rating, $14 PT on Significant Upside Potential

In a report published Thursday, Stifel Nicolaus analyst Benjamin Nolan initiated coverage on

with a Buy rating and $14.00 price target. In the report, Stifel Nicolaus noted, “We are initiating coverage on Aegean Marine Petroleum Network Inc. (ANW) with a Buy rating and a $14 target price, which is based on the shares trading at 14.7x our 2014E EPS of $0.95. We believe the shares have significant upside potential from current levels, based on our belief that the company is likely to continue to see improved earnings through its efforts to improve efficiencies and margins as well as expansion of land-based fuel storage facilities.” Aegean Marine Petroleum Network closed on Wednesday at $8.44.