Credit Suisse Upgrade - premarket stock traded at $2.75 US
Credit Suisse upgraded Gran Tierra Energy (NYSE: GTE) from Neutral to Outperform with a price target of C$3.75 (from C$3.50).
Analyst David Phung comments "The repositioning of the portfolio appears largely complete, with base production that is growing via development, and a material exploration portfolio concentrated in proven basins with stacked potential. Additionally, recent well results may have disappointed, leading to a downdraft in the stock, which we view as an opportunity to gain exposure to meaningful exploration upside potential at a relatively attractive valuation. However, what we view as an opportunity may also highlight a key risk to our rating upgrade, which is execution and multiple expansion may not materialize without good execution of the company's business plans."