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UPDATE: Canaccord Genuity Reduces Concho Resources' PT to $120 on Lower Production, Higher Expenses

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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.

Latest Ratings for CXO

DateFirmActionFromTo
Apr 2016Cowen & CompanyDowngradesOutperformMarket Perform
Apr 2016CitigroupMaintainsBuy
Apr 2016Canaccord GenuityInitiates Coverage onHold

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Posted-In: Canaccord GenuityAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

 

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