UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Rosetta Resources
In a report published Friday, Canaccord Genuity reiterated its Buy rating on Rosetta Resources (NASDAQ: ROSE), and raised its price target from $71.00 to $75.00.
Canaccord Genuity noted, “We are increasing our target price $4 to $75 per share due stronger-than-expected production momentum through year end. Rosetta exited last year producing ~47.6 Mboepd versus our expectation, and the high end of guidance, of ~44 Mboepd. Current production is ~49 Mboepd and the company should now average ~50 Mboepd in the first quarter compared to our prior outlook of ~46 Mboepd.”
Rosetta Resources closed on Thursday at $53.32.
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