SunTrust Robinson Humphrey Downgrades Brigham Exploration (BEXP) to Neutral
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SunTrust Robinson Humphrey downgrades Brigham Exploration (NASDAQ: BEXP) from Buy to Neutral but raises their price target from $12 to $18. The downgrade is due to valuation.
The firm highlighted that the company has a "history of developing viable drilling programs in the Texas Gulf Coast Vicksburg, Louisiana Gulf Coast Oligocene and Anadarko Basin Hunton trends." In addition, there is "significant emerging resource potential in the Williston Basin Bakken play east of the Nesson anticline, an area that has experienced considerable industry success." However, the firm believes that in 2008 the company should exhibit 3% lower production related to late 07/early 08 production declines in the Gulf Coast Vicksburg.
The firm raised their long-term gas price forecast from $9.50 to $10 , and raised their long-term oil price forecast from $85 to $90 , due to minor model refinements.
Brigham Exploration Company is an exploration and production (E&P) company with an operational focus in the Rocky Mountains, the Gulf Coast and the Anadarko Basin.
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