UPDATE: Canaccord Genuity Raises PT on Sanchez Energy Following Bolt-On Acqusition

Canaccord Genuity maintained Sanchez Energy SN with a Buy rating and raised the price target from $34.00 to $36.00. Canaccord Genuity analyst John Gerdes commented, "We are increasing our target price $2 to $36 per share as a consequence of Sanchez's complementary property acquisition in the western Eagle Shale trend. […] As the acquisition equates to an attractive ~59K production rate multiple, the acreage valuation assuming a similar production multiple is nothing. Per our analysis, the transaction is a valuation push even before introducing incremental capital to develop the acquired assets." Sanchez Energy closed at $19.45 on Monday.