UPDATE: Canaccord Genuity Raises Target on Oasis Petroleum to $34

Canaccord Genuity raises its price target on Hold-rated Oasis Petroleum OAS to reflect the company's focus on infrastructure build-out. Canaccord Genuity says, "We are reiterating our HOLD rating following Oasis's year-end financial and operational update. While the company appears poised for multiple years of strong growth, we believe the shares are fairly valued from a risked NAV perspective. Our assessment of the company's asset productivity in conjunction with the higher capital intensity concerns warrants a more cautious intermediate-term view. We remain of the opinion that pad drilling and batch completion operations will not drive meaningful efficiencies until 2013." OAS closed at $34.48 a share yesterday.