Acacia Research price target raised to $6 from $5 at Craig-Hallum

Craig-Hallum analyst Anthony Stoss raised the firm’s price target on Acacia Research (ACTG) to $6 from $5 and keeps a Buy rating on the shares. The firm says Acacia continues to trade below their diluted book value/share and thinks their end markets remain mixed. Craig-Hallum highlights Benchmark Energy drilled their first Cherokee oil well, which is expected to begin production in the third week of March. The firm believes it could increase production by 10% and thinks Acacia plans to add up to three more wells in the region this year.