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.
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