UPDATE: Bank of America Upgrades Rating to Neutral and Raises PT to $48 on Newfield Exploration

A report from Bank of America upgrades its rating from Underperform to Neutral and raises its price target from $41 to $48 on Newfield Exploration NFX. The report states, “Looking ahead to 2012 we see several potential catalysts for NFX that could limit downside risk and offer signs of upside potential. We expect headwinds from a significant decline in natural gas production, liquids growth that should be bolstered by startup of projects in Asia and acceleration in the Uinta Basin while a marketing agreement and horizontal drilling in the Rockies should give better visibility to long term oil growth there.” NFX closed Friday at $40.87.