Abraxas Petroleum (AXAS; $2.88-Jan. 4; Buy; PT: $3.25) Raising price target on solid first Wolfcamp result. While the stock has done very well, having more than quadrupled from its Q1/16 lows, we see further upside, especially with several expected catalysts on the horizon, particularly the company’s first Delaware Basin result that we highlight below. Some recent Delaware Basin deals in the Permian have transacted north of $40k/acre; we are valuing AXAS’s position at ~half......
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