TD Newcrest Upgrades Gran Tierra Energy (GTE) to Buy on Lower Share Price and Higher Oil Prices

TD Newcrest upgraded Gran Tierra Energy (NYSE: GTE) from Hold to Buy. PT increased from C$9.50 to C$10.

TD analyst says, "We are not materially adjusting any of our estimates other than for new commodity price assumptions. However, we are upgrading our recommendation to BUY due to a higher implied return to target caused by the combination of a higher target price (driven by increased oil price assumptions) and recent share price weakness...In the near-term, we look for Gran Tierra to provide an update on its 2011 capital budget following the closing last week of the plan of arrangement with Petrolifera Petroleum Ltd. (previously listed on TSX). We also expect the company to report drilling results from multiple operations in Colombia (including the Canangucho-1 exploration well), Brazil and Argentina over coming weeks."

For more ratings news on Gran Tierra Energy click here and for the rating history of Gran Tierra Energy click here.

Shares of Gran Tierra Energy closed at $8.00 yesterday.

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