Endeavour Intl downgraded to In-line at Imperial Capital; tgt lowered to $8.50 . Imperial Capital downgrades END to In-line from Outperform and lowers their tgt to $8.50 from $11, based on its NAV calculation. Firm continues to believe in the potential of the Endeavour story, but it admittedly has caused investor fatigue and has taken longer than our expectations due to constant execution issues. Firm believes that the margin for error is shrinking and that the company must successfully execute on its drilling program in West Rochelle during 2013 in order not to strain liquidity. Based on the further delays at Rochelle, firm believes the Co will generate $223.9mn of EBITDA in 2013 and burn minimal cash flow.

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