UPDATE: BMO Capital Markets Upgrades Cimarex Energy to Outperform on Net Asset Value

BMO Capital Markets upgraded Cimarex Energy XEC from Market Perform to Outperform and raised the price target from $70.00 to $85.00. BMO Capital Markets commented, "We believe Cimarex offers a compelling valuation (even after the recent rally), trading at only 5.0x 2013 and 4.3x 2014 EV/EBITDAX, representing a 2.6x and 1.7x multiple turn discount to Permian peers. Further, our after-tax NAV indicates the shares are worth ~$80 with additional upside likely." Cimarex Energy closed at $67.33 on Wednesday.