TD Newcrest Upgrades Pengrowth Energy Trust (PGH) to Buy; Attractive Entry Point

TD Newcrest upgraded Pengrowth Energy Trust (NYSE: PGH) from Hold to Buy with a price target of $12.00.

TD analyst says, "We are now introducing 2013 estimates and incorporating company-specific capital efficiencies into our NAV model. Moreover, our NAV estimates are now based on future strip pricing at December 1. For additional regarding our recent revisions, please see the larger industry bulletin published today titled Focused Sector Activity by Play to Drive 2012 & 2013 Growth (for some). After incorporating these revisions, we calculate an unchanged target price of $12.00. However, given recent share price weakness and current valuation, we are upgrading our rating."

For an analyst ratings summary and ratings history on Pengrowth Energy Trust click here. For more ratings news on Pengrowth Energy Trust click here.

Shares of Pengrowth Energy Trust closed at $10.42 yesterday.

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