UPDATE: JP Morgan Raises PT to $79 on Cimarex Energy Following Q4 Earnings
JP Morgan maintained Cimarex Energy (NYSE: XEC) with an Overweight rating and raised the price target from $72.00 to $79.00.
JP Morgan noted, "We are increasing our Dec-13 price target to $79/share from $72/share. We incorporated the new Hz Wolfcamp type curve and increased the drilling pace in the Cana-Woodford to match company guidance. Previously, we were conservative on our drilling schedule assumptions for the Cana-Woodford. Our price target for XEC represents 100% of our YE13 NYMEX NAV, in line with where the group is trading relative to current NYMEX NAV."
Cimarex Energy closed at $67.33 on Wednesday.
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