UPDATE: Rodman & Renshaw Raises Target to $45 on Approach Resources

Rodman & Renshaw reiterates its Outperform rating on Approach Resources AREX and raies its price target to $45, up $4, as Woffork results continue to improve. Rodman & Renshaw says, "AREX has shown some nice improvements in its recent horizontal wells in the play (which appear to be outperforming its 450-MBoe typecurve), and it seems to be seeing similar strong results from its vertical program thanks to an adjustment in its completion technique. 6 of AREX's recent vertical wells have IP'd at an average rate of 292 Boe/d (78% liquids); this appears to be above the company's 110-MBoe typecurve. In addition, Wolffork recompletions also appear to be exceeding the company's typecurve, with 5 recent recompletes IP'ing at an average rate of 225 Boe/d (79% liquids)." AREX closed at $35.44 a share on Friday.