UPDATE: Wunderlich Securities Downgrades Bonanza Creek Energy, Raises PT on Quality Name, Fair Price

In a report published Tuesday, Wunderlich Securities analyst Irene O. Haas downgraded the rating on

from Buy to Hold, but raised the price target from $52.00 to $59.00. In the report, Wunderlich Securities noted, “Bonanza Creek Energy, Inc (BCEI) is packing a lot of growth toward the second half. With DCP's (DPM-NR) LaSalle Plant coming on line this month, line pressure has dropped significantly and this bodes well for BCEI. We raised our NAV to $59 from $52, mainly by pricing BCEI's probable reserves estimate at $8.39/boe, up from our prior estimate of $6.99/boe, reflecting BCEI's success in its horizontal program and its oilier production mix. With momentum being so strong, we would not be surprised if BCEI shares will hit our $59 price target soon. At these levels, we believe the stock is fairly valued and we are downgrading BCEI from a Buy to a Hold as the stock has performed very well since mid-June 2012.” Bonanza Creek Energy closed on Monday at $56.44.