Market Overview

UPDATE: Deutsche Bank Raises PT to $135 on Concho Resources; Three Rivers Acquisition

Related CXO
Earnings Scheduled For February 19, 2014
UPDATE: Citigroup Reiterates on Concho Resources as Growth Plan Execution Leads to Attractive Multiple Compression

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.

Posted-In: Deutsche BankAnalyst Color Price Target Reiteration Pre-Market Outlook Analyst Ratings

 

Most Popular

Related Articles (CXO)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free