UPDATE: Deutsche Bank Raises PT to $135 on Concho Resources; Three Rivers Acquisition
Deutsche Bank increases its price target from $131 to $135 on Buy-rated Concho Resources (NYSE: CXO) on the company's active acquisition streak.
Deutsche Bank says, "A key thesis behind our upgrade of CXO on Apr 2nd was the likelihood of an active year of acquisition. CXO's purchase of Three Rivers, was the first major deal of the year, acquiring 200k net acres across the Delaware and Midland Basins. With its inexpensive cost of capital and operational strength, we remain bullish given the addition to what is already a robust inventory position and relatively attractive deal metrics. With its portfolio of long-lived, accretive, oil driven growth within cash flow, CXO remains a core holding."
CXO closed at $92.02 on Monday.
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