UPDATE: Canaccord Genuity Reiterates Buy Rating, Lowers PT on Ultra Petroleum

In a report published Monday, Canaccord Genuity reiterated its Buy rating on Ultra Petroleum

, but lowered its price target from $29.00 to $27.00. Canaccord noted, “We are lowering our target $2 to $27 due to a stronger than anticipated rollover in Pinedale field production. Our target price is anchored on a $5 long-term NYMEX gas price, which is only modestly higher than the gas price currently reflected in E&P equities. UPL offers ~30% less relative upside potential than the group though has ~20% absolute upside. We reiterate our BUY rating on UPL. To illustrate our relative value challenge, UPL trades at a modest premium to the group (‘13E EBITDA) though has 40% less CFPS growth ('12-'14). At present, the Southern DJ Basin Niobrara represents Ultra's most visible higher margin oil-oriented resource opportunity.” Ultra Petroleum closed on Friday at $22.62.