The reason for the drop?This is gonna hurt, or present a great buying opportunity.
Jan 6 (Reuters) - Jefferies & Co. on Friday began coverage
of oil and gas explorer GeoGlobal Resources Inc. with
an "underperform" rating and a price target of $7.
In a research note, the brokerage said there was lot of
potential in the company's properties, but there were no
booked reserved, production or cash flow at present.
"We are negative due to the premium valuation which we
believe isn't justified by the asset base," analyst Leo
Mariani said in the note.
The stock closed at $14.02 on the American Stock Exchange
Thursday.
(Reporting by Pradosh Choudhury in Bangalore)