UPDATE: Pritchard Capital Partners Reduces PT to $10 on ATP Oil & Gas Corporation; Q1 Miss

Pritchard Capital Partners lowers its price target from $14 to $10 on ATP Oil & Gas Corporation (NASDAQ: ATPG) as it reiterates Buy on shares. Action was mainly driven by the company's Q1 miss.

Pritchard Capital Partners comments, "We are lowering our 2012 CPFS to $5.10 from $7.65, driven mainly by the Q1 miss, a reduction in our production forecast to 26 MBoe/d from 28.5 MBoe/d, lower realized prices, and higher LOE and DD&A expense. That said, we see production finally starting to grow, driven by the Telemark workovers followed by Clipper coming on in Q4. Growing production is the catalyst the stock needs to get to the next level."

ATPG closed at $6.37 on Friday.