UPDATE: Canaccord Genuity Upgrades Cimarex Energy
According to a research report published earlier today, Canaccord Genuity has upgraded Cimarex Energy (NYSE: XEC) from Hold to Buy.
In the report, Canaccord Genuity explained, "We are raising XEC from Hold to BUY and maintaining our target at $84 as a stronger shift to oil offsets higher operating expense. XEC overreacted to the upside following Q4 results, in our view. Since then, the stock has declined over 20% while Permian peers have fallen only ~10%. We now see ~10% greater upside versus Permian peers as Cimarex offers a similar CFPS growth outlook ('12-'14E) though trades at a ~20% discount ('12E EBITDA)."
Cimarex Energy closed yesterday at $65.24.
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