UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Raises PT on Chesapeake Energy

In a report published Wednesday, Bank of America Merrill Lynch reiterated its Buy rating on Chesapeake Energy Corporation CHK, and raised its price target to $35.00. BofA Merrill Lynch noted, “In just 3 yrs, CHK has rebuilt itself focusing on liquids but the price paid by management has impacted sentiment despite the alternative of a stagnant strategy given the collapse in gas prices. 2012 is potentially a pivotal year to recognize this change, cemented by its emergence as a premier liquids growth story alongside improved capital flexibility as HBP drilling slows and funding concerns are addressed by pending asset sales and JVs.” Chesapeake Energy Corporation closed on Tuesday at $19.37.