UPDATE: Canaccord Genuity Downgrades Pioneer Natural Resources to Sell, Raises PT on Accretive Joint Venture

In a report published Friday, Canaccord Genuity downgraded its rating on Pioneer Natural Resources

from Buy to Sell, and raised its price target from $109.00 to $113.00. Canaccord Genuity noted, “We are raising our target price $4 to $113/share as a consequence of the accretive joint venture in the southern portion of the Spraberry field and lower operating expense partly offset by a 9.2 million share equity offering (includes over-allotment). The company's $3 billion capital plan this year reconciles with our prior view, yet our '13 growth expectation declined ~4% to ~16% implying a higher asset capital intensity with PXD's increasing emphasis on horizontal Spraberry development.” Pioneer Natural Resources closed on Thursday at $130.05.