Brigham Exploration (NASDAQ:BEXP) had their EPS and and price target raised by Jefferies, citing the monetization of their Williston Basin happening much sooner than expected.
Jefferies said, "2010 reserve report indicates monetization of BEXP's prolific Williston Basin resource base is occurring even faster and more efficiently than previously expected. Near-term catalysts include a 2nd Rough Rider infill well, a 2nd operated Roosevelt, MT completion, and a long-lateral Richland, MT attempt."
Top-line growth was a little weaker than anticipated, but remains at a high rate.
They raised their full year 2011 EPS estimate from $1.06 to $1.22, and introduced their full year 2012 estimate at $2.14.
Jefferies maintains a "Buy" rating on Brigham Exploration (BEXP), which was trading at $28.60, up $1.19, or 4.34 percent, as of 1:36 PM EST. Jefferies raised their price target on Brigham from $32 to $48.
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