Goldman Sachs Reiterates Buy on Cobalt International Energy (CIE)

Goldman Sachs maintained its Buy rating on Cobalt International Energy (NYSE: CIE) with a modified price target of $37.00 (from $38.00). Yesterday the company reported negative results from a drill stem test on Cameia #2. Commenting on news, analyst Brian Singer said he sees only a small impact to material value.

"While the Cameia #2 drill-stem test update was negative, we see the impact as small relative to the material value than can be unlocked over the next year from exploratory drilling of presalt prospects in Angola Gabon and Miocene/Lower Tertiary prospects in the Gulf of Mexico," said Singer.

"We are encouraged that the drill stem test did confirm the presence of high quality rock which raises the potential that the lower reservoir can be commercially developed at other areas in the region if they prove to be oil bearing," added the analyst.

For an analyst ratings summary and ratings history on Cobalt International Energy (NYSE: CIE) click here. For more ratings news on Cobalt International Energy click here.

Shares of Cobalt International Energy closed at $26.57 yesterday.

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