Bill Barrett +3% as Stifel upgrades to Buy


Bill Barrett (BBG +3%) is upgraded to Buy from Hold with a $30 price target at Stifel after underperforming during the last two quarters on production delivery issues.

At current price levels, Stifel estimates that BBG shares are giving no value to the Chalk Bluffs, where the Codell is currently being tested, or to the Wattenberg Northern Block acreage, where extended reach laterals are being tested, which could improve the area's economics; the firm believes the two areas alone could add $11.50/share of unrisked value with the potential for $3-$6/share to flow in the coming six months.

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