UPDATE: Sterne Agee Downgrades QEP Resources to Underperform

Sterne Agee lowers its rating on QEP Resources QEP to Underperform from Neutral and establishes a $35 price target as it thinks current valuation is full. Sterne Agee says, "We believe the recent rally in shares (up 19% in February) suggests that they are fully valued. With few repeatable resource plays in development mode outside the Williston Basin, a play the company recently delayed ramping because of cost issues, we believe QEP is likely to underperform our E&P coverage group over the rest of 2012." QEP closed at $34.14 a share on Wednesday.