UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Hess Corporation

In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Hess Corporation HES, and raised its price target from $70.00 to $80.00. Deutsche Bank noted, “We raised Hess to BUY at the beginning of the year based on our view that internally generated performance improvement, particularly in the Bakken, would combine with ongoing asset rationalization to drive the stock higher. We were skeptical on the potential truly dramatic restructuring, given the entrenched position of Chairman and CEO John Hess, with 10.3% of the stock, and a long-tenured & supportive board. Elliot Associates has called for board change with more aggressive re-structuring to generate major upside value. Their strategy starts with a battle for control, with candidates for all five board seats available at the May shareholder meeting this year. Re-iterate BUY.” Hess Corporation closed on Tuesday at $68.11.