UPDATE: Canaccord Genuity Upgrades PDC Energy

According to a research report published this morning, Canaccord Genuity has upgraded PDC Energy

from Hold to Buy. In the report, Canaccord Genuity commented, "We are raising our rating on PETD from Hold to BUY as we believe strong Wattenberg field results should drive oil/cash flow growth, a guidance beat and equity performance. PDC shares present less upside to our target than the sector's ~40% given a Utica premium that seems fair though is not included in our target. Successful stacked Niobrara/Codell tests or Utica exploration/monetization would offer further upside potential." Canaccord Genuity maintains its $41 PT on PDC Energy, which closed Friday at $31.79.