UPDATE - Canaccord Genuity Upgraded Ultra Petroleum (UPL) to 'Buy' on Coming Productivity Shift; Expect Guidance Outperformance

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UPL Hot Sheet

Rating Summary:
2 Buy, 14 Hold, 0 Sell

Rating Trend: Down

Down

Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23

UPDATE - Canaccord Genuity upgraded Ultra Petroleum (NYSE: UPL) from Hold to Buy, price target from $50 to $53.

Canaccord analyst, John Gerdes, said, "We are increasing our target and upgrading UPL to BUY due to a higher production outlook. Our meeting with senior management provided us with greater confidence that the company is indeed at a productivity inflection point. Further, we believe preliminary ’12 guidance of 290-300 Bcfe is conservative and are increasing our ’12 production estimate from 300 Bcfe to 305 Bcfe. Finally, valuation appears attractive as UPL has declined almost 40% this year, underperforming the sector by ~25 percentage points."

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