UPDATE: Credit Suisse Raises PT to $83 on Range Resources
Credit Suisse raises its price target on Outperform-rated Range Resources (NYSE: RRC) to $83 from $77, as Marcellus is no longer the only catalyst to shares.
Credit Suisse says, "While, in general, the Marcellus remains RRC's primary growth driver (reiterated 2012 exit rate guidance of 600 MMcfe/d vs. 400 MMcfe/d at YE2011), RRC has started shifting capital to the Mississippian Lime where it has kicked off a two-rig drilling program and started focusing on the higher-return Super-Rich Marcellus. In addition, the company plans to test other liquids-rich zones/plays (super-rich Upper Devonian, wet Utica in NW PA and Cline shale in West TX) in 2012, which could provide significant upside to the asset portfolio."
RRC closed at $66.07 a share on Thursday.
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