UPDATE: Canaccord Genuity Raises PT to $70 on Improved Capital Efficiency

Canaccord Genuity reiterated its Buy rating on Rosetta Resources

and increased its price target from $68 to $70. Canaccord Genuity commented, "We are increasing our target price $2 to $70 due to ~10% improvement in capital efficiency partly offset by a lower level of capital spending and higher treating/transport expense. The liquids composition of capital spending (60%-65%) is unchanged and in line with Rosetta's outlook.…Given the weakness in natural gas and NGL prices, Rosetta prudently shifted capital to areas with higher oil composition." Rosetta Resources closed at $42.63 on Friday.