UPDATE: Canaccord Genuity Reduces Concho Resources' PT to $120 on Lower Production, Higher Expenses
Canaccord Genuity reiterated its Buy rating on Concho Resources (NYSE: CXO) but lowered its price target from $122 to $120.
Canaccord Genuity noted, "We are lowering our price target $2 to $120 per share due to ~4% lower '12E production and slightly higher operating expense. For reference, we are now at the high end of '12 company production guidance. The recently completed Three Rivers acquisition meaningfully increased the scale of the company's northern Delaware Basin and Midland Basin leasehold (combined ~200,000 net acres)."
Concho Resources closed at $96.34 on Friday.
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