Canaccord Genuity Reiterates a 'Buy' on Abraxas Petroleum (AXAS); Portfolio Optimization to Enhance Liquidity in Early 2012

Canaccord Genuity reiterates a 'Buy' on Abraxas Petroleum (NASDAQ: AXAS) price target of $5.50.

Canaccord analyst, Marcus Talbert, said, " We are reiterating our rating and target price based on Abraxas’ Q3/11 financial results and project updates. We remain constructive on AXAS’ transformation progress and growing exposure to an oil-weighted production base. The company’s execution in each of its core plays continues to exceed our early expectations. In addition to the Bakken development program, we see material catalysts (Eagle Ford/Pekisko monetization) that should unlock embedded value in 2012."

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

Shares of Abraxas Petroleum closed at $3.83 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Tesla to launch Cybercab in Austin this month - report
• BWS Financial Downgrades Inter Parfums (IPAR) to Sell
• DA Davidson Reiterates Buy Rating on Boost Run (BRUN)