UPDATE: Canaccord Lowers PT on Pioneer Natural Resources on Current Valuation
Canaccord analyst John Gerdes published a report on Pioneer Natural Resources (NYSE: PXD) 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.
Latest Ratings for PXD
|Jul 2016||KLR Group||Upgrades||Accumulate||Buy|
|Jun 2016||CLSA||Initiates Coverage on||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.