Northland analyst Donovan Schafer initiated coverage of Vitesse Energy (VTS) with an Outperform rating and $23 price target. Vitesse is "undervalued" when compared to its intrinsic value post-spin from Jefferies (JEF), said the firm, which believes the low price is due to selling from Jefferies investors that had no interest in owning a non-operator oil and gas company after receiving the shares as a dividend. The firm expects Vitesse to "reach $20 and more once the initial churn subsides," Northland tells investors.
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