HighPeak Energy price target raised to $8 from $6 at Truist

Truist analyst Neil Dingmann raised the firm’s price target on HighPeak Energy to $8 from $6 and keeps a Sell rating on the shares. While the capital raise is a step in the right direction, HighPeak’s recent disclosures suggest financial need of ~$135M of cash inflows through September 30 to avoid default, the analyst tells investors in a research note. The firm expects HighPeak to continue to pursue both equity and debt solutions with the most recent offering opening up the company’s ability to fully draw down its revolver to meet certain near term obligations.