JT, I haven't played the Bloomberg link yet, but I've been told that Cohen said AIPN will be a "homerun?" The fact that the firm hasn't changed its $10 target in 3-6 month period is probably a good sign. It appears to be very confident with it. Meantime, the clock is ticking and we are obviously closer to it today than 2-3 months ago. If Cohen is correct, guess we won't have to wait very long with April\May at the latest. regards, sycamore
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Robert M. Cohen Upgrades American International Petroleum; Analyst Hikes Rating to Buy Following Kazakstan Deal
PR Newswire, Monday, November 24, 1997 at 13:17
GREAT NECK, N.Y., Nov. 24 /PRNewswire/ -- Robert M. Cohen & Co. analyst Keith R. Bossey upgraded his rating on American International Petroleum (NASDAQ:AIPN) and shortened his $10 per share price target to six months following the company's announcement today that it signed an operational agreement with the Kazakstan government.
Bossey noted, "This, we feel, is the first of a number of announcements that should make clearer AIPN's potential in the oil rich nation of Kazakstan."
The signing of the government contract is a critical milestone for AIPN as any possible venture partner has all or most of the information needed for making an offer to the company, according to Bossey. In fact, the company has stated that no less than six majors are currently reviewing the company's data. "In our opinion, an agreement with an industry major could occur in a three to six month time frame," he added.
Bossey concluded that in light of these recent developments "some" of the risks have been removed from an investment in AIPN stock. Many of the issues being discussed over the last few months have been finalized as the company has continued to remove any potential roadblocks standing in the way of the signing of an industry partner.
SOURCE Robert M. Cohen & Co. -0- 11/24/97
CONTACT: Keith R. Bossey of Robert M. Cohen & Co., 516-829-7910
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