UPDATE: J.P. Morgan Reiterates Overweight Rating, Lowers PT on Approach Resources

In a report published Wednesday, J.P. Morgan reiterated its Overweight rating on Approach Resources

, but lowered its price target from $44.50 to $39.50. J.P. Morgan noted, “We are updating our model based on our newest commodity price deck, which reflects our somewhat cautious view on crude and natural gas pricing, and the latest operating and financial data. Over the near term, AREX plans to release its 2013 production guidance and updated capex guidance and location count.” Approach Resources closed on Tuesday at $25.70.