UPDATE: JP Morgan Raises PT to $79 on Cimarex Energy Following Q4 Earnings

JP Morgan maintained Cimarex Energy

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.