Pedevco initiated with a Buy at Alliance Global Partners

Alliance Global Partners initiated coverage of Pedevco with a Buy rating and $1.75 price target. The earlier stage upstream oil and gas E&P has “a simple and clean balance sheet” as well as “solid acreage positions” in the DJ and Permian basins, which the firm believes provides it with underappreciated optionality in the M&A market along with solid downside protection, the analyst tells investors.