UPDATE: Bank of America Resumes Coverage on Laredo Petroleum Holdings Following First Formal Analyst Meeting

In a report published Wednesday, Bank of America analyst Jason Smith resumed coverage on Laredo Petroleum Holdings (NYSE: LPI) with a Buy rating and $34.00 price target.

In the report, Bank of America noted, “Laredo's first formal Analyst meeting highlighted the strength of an asset base concentrated at the core of the Midland Basin confirmed by some of the most impressive industry well results in the Wolfcamp / Cline shale plays to date. Most of Laredo's ‘core' Garden City acreage remains prospective for at least four zones. Alongside a shift to ‘development mode' that should see capital efficiency improve in coming quarters with the move to pad drilling, we view Laredo amongst the most favorably positioned names in the sector. We resume coverage with a Buy rating and PO of $34.”

Laredo Petroleum Holdings closed on Tuesday at $28.64.