Seaport Global Securities Starts Sundance Energy (SNDE) at Buy
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Seaport Global Securities initiates coverage on Sundance Energy (NASDAQ: SNDE) with a Buy rating and a price target of $25.00.
Analyst Mike Kelly commented, "We are initiating coverage of Sundance Energy Corp (SNDE) with a Buy rating and $25 NAV-based price target. We believe SNDE offers one of the most attractive valuation stories under our E&P coverage (trades at a ~4x discount to peers on FY17E EV/EBITDAX). In our opinion, this valuation gap is primarily attributable to a lack of awareness by US investors, which should be heightened over the next ~12 months. In addition to compelling value, we see SNDE delivering robust FY17 production growth of 41%, fueled by the completion of ~12 net capital-efficient DUCs in 2H:16. Furthermore, if SNDE executes on near-term completion optimization tests in Dimmit County, Texas, our NAV-based price target could be raised could by >$10/share."
Shares of Sundance Energy closed at $14.10 yesterday.
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