Canaccord Genuity Reiterates a 'Buy' on Triangle Petroleum (TPLM); Remains a 'Favorite Idea'

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Canaccord Genuity reiterates a 'Buy' on Triangle Petroleum (NYSE: TPLM) price target lowered to $9.00.

Analyst, Marcus Talbert, said, "We are reiterating our rating and revising our price target following Triangle’s Q1/13 financial and operations update. In our view the recent share underperformance is not warranted given the strong project updates and relative growth outlook. TPLM remains one of our favorite ideas based on its meaningful leverage to the Bakken play and impactful near-term catalysts. We believe the current valuation represents a compelling buying opportunity given the accelerated development potential and operated catalysts in H2/12."

For an analyst ratings summary and ratings history on Triangle Petroleum click here. For more ratings news on Triangle Petroleum click here.

Shares of Triangle Petroleum closed at $4.92 yesterday, with a 52 week range of $3.00-$8.26.

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