UPDATE: Wunderlich Securities Downgrades BPZ Resources As Company Engages Advisors To Analyze Strategic Options

In a report published Wednesday, Wunderlich Securities analyst Irene O. Haas downgraded the rating on BPZ Resources BPZ from Buy to Sell, but reiterated the $3.00 price target. In the report, Wunderlich Securities noted, “BPZ Resources (BPZ) engaged Houlihan Lokey Capital Inc. and Stroock & Stroock & Lavan LLP (the Advisors) to assist it in analyzing various strategic alternatives and addressing its liquidity and capital structure. The board of directors of the company has also formed a special committee of the board to work with the Advisors. While BPZ has a number of options remaining on the table as possible sources of liquidity, the level of uncertainty surrounding the company is now undoubtedly elevated. As a result, until there is more clarity about the firm's liquidity position, we are downgrading BPZ from a Buy to a Sell.” BPZ Resources closed on Tuesday at $0.35.