UPDATE: JP Morgan Reduces PT to $34 on PDC Energy on Impact of Lower Oil Futures

JP Morgan reiterates its Overweight rating on PDC Energy PETD but lowers its price target from $35 to $34 a share. JP Morgan notes, "We have updated our model to include the company's recent Wattenberg asset acquisition and the most recent financial and operations data. We are lowering our Dec-12 price target to $34 from $35.50. The impact of lower oil futures prices and NGL pricing more than offsets the upside from the Wattenberg acquisition." PDC Energy closed at $26.17 on Tuesday.