UPDATE: Canaccord Raises PT on Chesapeake Energy to $28
Canaccord Genuity reiterates a Buy rating for Chesapeake Energy (NYSE: CHK), while also raising its price target to $28.00.
Canaccord Genuity comments, “We are increasing our price target $2 to $28 per share due to lower midstream capital spending. Chesapeake announced it plans midstream sales for cash proceeds of more than $4 billion. The company plans to reduce midstream capital spending by $3 billion over the next three years, which we see positively from a value and liquidity standpoint.”
CHK closed at $17.61 yesterday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.