UPDATE: Stifel Nicolaus Upgrades Pacific Coast Oil Trust To Buy, Names $10 PT On Attractive Risk/Reward

In a report published Thursday, Stifel Nicolaus analyst Brian Brungardt Jr. upgraded the rating on

from Hold to Buy, and named a $10.00 price target. In the report, Stifel noted, “We continue to believe the near-term valuation to be event driven with the pending November 4th vote on Measure P. Following the recent price volatility, we believe the trust offers a compelling risk/reward scenario. Under a best and worst case scenario, we would value the trust at approximately $12.54 and $7.50, respectively. In turn, we highlight the potential downside in our opinion should voters approve Measure P. However, we believe investors will continue to receive an attractive yield regardless of the vote outcome. In turn, we are raising our rating to Buy from Hold and establishing a $10 target price applying a 50/50 weighting to the vote results.” Pacific Coast Oil Trust closed on Wednesday at $9.33.