Geomet Estimates Raised By Wunderlich (GMET)

Wunderlich Securities is raising its estimates on shares of Geomet, Inc. GMET after the company reported strong earnings that were well ahead of the Street's estimates. Wunderlich has a Buy rating and $3 price target, well above the current share price. In the note, Wunderlich says, "GeoMet, Inc. (GMET) reported strong 2Q10 earnings of $0.02 per share that beat the Street's breakeven estimate nicely as production held up better than expected and costs came down. The company has been able to, or is in the process of, quieting the noise around its operations and balance sheet as the litigation over a portion of its acreage has been resolved and GeoMet continues to move forward on the rights offering to reduce and extend its credit facility. Overall, we were encouraged by the results and are raising our estimates, though as we value GeoMet on a net asset value (NAV) basis, we maintain our Buy rating and $3.00 price target on the shares." Shares of Geomet are up 4 cents to $1.02 in Thursday trading.