UPDATE: EF Hutton Starts PEDEVCO Corp (PED) at Buy
- Wall St gains as economic data allays growth concerns
- 'Always Bet on Michael': Dell (DELL) Stock Soars After Crushing Estimates, Analysts Say Results are Impressive
- Credit Suisse Says Tesla (TSLA) Stock Offers an Attractive Entry Point, Sees Nearly 60% Upside From Here
- Citi Downgrades US Equities to Neutral on Recession Risk
- Elon Musk Says Recession Could Last 12 to 18 Months, But 'Actually a Good Thing'
EF Hutton analyst Ben Piggott initiates coverage on PEDEVCO Corp (NYSE: PED) with a Buy rating and a price target of $2.00.
The analyst comments "We are initiating coverage of PEDEVCO with a Buy rating and a price target of $2.00,which is based on a 4x multiple of 2022 cash flow, assuming a crude oil price of$80 a barrel. We believe that the company has two compelling assets that generate solid rates of return at current commodity prices and has a balance sheet that is exceptionally well positioned to execute on its development plan for this year."
Shares of PEDEVCO Corp closed at $1.15 yesterday.
You May Also Be Interested In
- UPDATE: Big Lots (BIG) PT Lowered to $7 at JPMorgan
- Canopy Growth (WEED:CN) (CGC) PT Lowered to Cdn$6.75 at Cantor Fitzgerald
- Toronto-Dominion Bank (TD:CN) (TD) PT Raised to Cdn$99 at Canaccord Genuity
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Related EntitiesCrude Oil
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!