Buy: target at 2.00-2.25
Bridge Resources "buy," target price raised
8:59a.m. - Research Capital
NEW YORK, June 11 (newratings.com) - Analysts at Research Capital maintain their "buy" rating on Bridge Resources Corp (5BJ). The target price has been raised from C$2.00 to C$2.25.
In a research note published this morning, the analysts mention that the company has announced that its fully-owned Durango well tested at 42.5mmcf/d and 1,341bbl/d of API condensate. Production at the well is set to begin by October 1, 2008, the analysts say. Once the company establishes its cash flows, it would be able to finance several development and exploration wells over the forthcoming several years, Research Capital adds