UPDATE: Pritchard Capital Partners Upgrades Endeavour International Corporation to Buy on Alba Acquisition

Pritchard Capital Partners raises its rating on Endeavour International Corporation (NYSE: END) from Neutral to Buy and raises its price target from $13 to $21.

Pritchard Capital Partners comments, "END yesterday announced the closing of the acquisition of an additional 23.43% WI in the Alba field in the UK North Sea from ConocoPhillips (COP, $52.16-NR) . We are putting the COP acquisition back in our numbers, thus raising our NAV and price target to $21 and $14 from $13 and $10. Our 2012 EPS/CFPS estimates go to $1.06/$4.10 from ($0.32)/$1.26 primarily driven by the increase in our production forecast to 11.9 MBoe/d from 6.6 Mboe/d which is slightly offset by higher operating expenses and the PRT tax."

END closed at $9.99 on Thursday.