Brean Murray Starts Penn Virginia (PVA) At 'Buy', $10 PT

Brean Murray, Carret & Co. analyst Raymond Deacon initiated coverage of Penn Virginia Corp. (NYSE:PVA) with a "Buy" rating and $10 price target, equal to 75% of his risked net asset value that assumes mid-cycle NYMEX benchmark prices of $85/Bbl crude oil and $4.00/MMBtu natural gas.Deacon said proceeds from the company's anticipated Granite Wash divestiture should shift market focus from