UPDATE: Stifel Nicolaus Upgrades Concho Resources to Buy on Improving Inventory
Stifel Nicolaus raised its rating on Concho Resources (NYSE: CXO) from Hold to Buy and established a new $115 price target.
Stifel Nicolaus said, “We are raising our rating to Buy from Hold as the stock's traditional premium valuation to our peer group has narrowed this year while the company has successfully expanded its Permian Basin drilling inventory. Infrastructure constraints and integration challenges following two large acquisitions contributed to rare earnings misses and lackluster stock performance this year despite significant improvements to the depth and quality of the asset base."
Concho Resources closed at $80.40 on Thursday.
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