baillieu price upgrade $1.58

"We have significantly remodelled the production case behind our Red Fork Energy model to encompass the company’s expanded acreage (75,000 net acres) in the Mississippi lime play and likelihood for more rigs brought on (which speeds up the development timeline). The expanded production profile now centres around a combination of the company’s total acreage, comparable peer production data and active rig count. Our price target has increased from $1.37 to $1.58 per share. We see current weakness as an opportune time to acquire stock at a significant discount to potential value. We maintain our BUY rating."