Wunderlich Initiates PDC Energy at Buy (PETD)

Wunderlich is out with its report today on PDC Energy (NYSE: PETD), initiating PDC Energy at Buy with a $51 PT.

In a note to clients, Wunderlich writes, "We are initiating coverage of PDC Energy with a Buy rating and a $51 price target on the shares. We believe 2011 could be a year for organic growth, both in the horizontal Niobrara Play and the Wolfberry Play. While PDC is no longer under the radar screen or considered “cheap,” we still believe there is more upside to be realized. We would recommend buying PDC shares, especially on weakness. We like the growth profile, the balance sheet, and the operating momentum. Our price target of $51.00 is based on our net asset value estimate.

Shares of PETD closed Monday at $47.38.