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J.P. Morgan is out with its report today on Whiting Petroleum
WLL, lowering its PT from $76.50 to $66.50.
In its report, J.P. Morgan writes, "We are decreasing our Dec-12 price target to $66.50/share from $76.50/share. We revised our current NAV from $64.06/share to $57.37/share based on updated assumptions for WLL's
active drilling areas, primarily Lewis & Clark and other Bakken prospects, and for the 10-Q data and marked-to-market commodity prices."
J.P. Morgan maintains Neutral on WLL.
Shares of WLL closed Thursday at $37.00, up 2.69% from Wednesday's close.
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