UPDATE: Canaccord Upgrades Range Resource to Hold, Lowers PT to $59

Canaccord upgrades Range Resource

to Hold from Sell on valuation and progress in ethane deals, while reducing its price target to $59 (previously $60) on greater inherent volatility of cyclical energy investments. Canaccord notes, "We are upgrading RRC from Sell to HOLD and lowering our target $1 due to a slightly higher gas composition. We had viewed RRC negatively since mid-October as we believed the stock reflected an unmerited takeout premium. Since then, RRC has declined ~20% and now trades essentially in line with our target price of $59. Range trades at a ~70% premium to the sector ('13E EBITDA) though offers only ~50% greater CFPS growth ('11-'13E)." RRC closed at $57.76 yesterday.