Canaccord Genuity Reiterates SM Energy at Buy with $110 PT on Upcoming Catalysts

Canaccord Genuity maintains SM Energy SM at a Buy rating with a $110 price target. Canaccord Genuity notes, "We are reaffirming SM as a favorite BUY-rated name. We believe NGL prices, which have weighed heavily on the stock, may be stabilizing. Further, the actual cost/recovery relationship suggests capital productivity is superior rather than inferior to industry. Accordingly, we expect production growth to accelerate in the second half of the year with the alleviation of Eagle Ford infrastructure constraints." SM closed at $46.65 on Monday.