Abaxis (NASDAQ:ABAX) Oil Plays Driving Company in 2011

Abaxis Inc. (NASDAQ:ABAX) have wells in the Bakken, Eagle Ford, Niobrara, and Pekisko ready to go online in 2011, and assuming successful execution, should increase the value of the company going forward.

Needham said, "We are reiterating our rating and raising our target price based on Abraxas’s transformation progress, improving balance sheet and growing exposure to an oil-weighted production base. We continue to believe there is significant value embedded in the company’s oil plays that will be unlocked over the next year through the successful execution of its first wells in the Bakken, Eagle Ford, Niobrara, and Pekisko projects. We estimate these trends alone offer an - 23 mmboe of risked (+60 mmboe of unrisked) resource potential."

Needham & Company reiterates a "Buy" on Abaxis Inc., which closed Tuesday at $27.99, up $0.17, or 0.61 percent.