UPDATE: Canaccord Lowers PT on Pioneer Natural Resources on Current Valuation

Canaccord analyst John Gerdes published a report on Pioneer Natural Resources

that reiterated its Sell rating and lowered the price target from $113 to $112. Canaccord reported that, “We are lowering our target price $1 to $112/share due to the upsizing of the company's equity offering. Importantly, our '13 growth expectation of ~16%, which is at the high end of guidance (12%-16%), could prove optimistic as it assumes the capital intensity of horizontal development in the Spraberry field is comparable to vertical development.” Shares of Pioneer Natural Resources closed at $127.11 on Tuesday.