UPDATE: Stifel Nicolaus Increases Target to $115 on SM Energy Company

Stifel Nicolaus raises its price target by $10 to $115 on Buy-rated SM Energy Company

on the company's latest well data. Stifel Nicolaus says, "We are raising our target price 10% to $115 and our NAV estimate 9% to $112/share based on recent state production data coupled with updated management guidance on well costs, spacing, EURs, and oil/gas/NGL mix. Our unproved property value increases 23% for the Eagle Ford to $59/share and 13% for the Bakken to $9/share." SM closed at $78.59 a share on Friday.