UPDATE: Deutsche Bank Initiates Pioneer Natural Resources at Buy on Shale Exposure

Deutsche Bank initiated coverage on Pioneer Natural Resources

with a Buy rating and a $120 price target. Deutsche Bank commented, "Driven by its predominantly oil & liquids Permian Basin and Eagle Ford shale plays, we project Pioneer will post aboveaverage production growth near term with above-average returns. Thus, we are initiating coverage with a $120 price target which equates to 2013E/2014E ‘normalized' EV/DACF multiples of 7.0x/6.4x (vs. 6.5x/6.0x targets for our E&P coverage group) and 114% of proven-only NAV (vs. 115% for coverage group)." Pioneer Natural Resources closed at $105.52 on Tuesday.