BPZ Resources Downgraded To Hold
Wunderlich Securities has published a research report for BPZ Resources (NYSE: BPZ) and is downgrading the company to Hold.
In the report, Wunderlich writes "despite likely having some solid assets, BPZ Resources, Inc. has near-term operational issues that it needs to address as it reported a problem with the latest Albacora well. In addition, BPZ has recently hired additional personnel that should help in the turnaround but will also increase expenses. We are lowering our rating to Hold and decreasing our price target to $5.00 from $8.00 per share based on our NAV, which has been decreased at Albacora to take into consideration our new concerns."
BPZ Resources closed Friday at $4.17.
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