UPDATE: Canaccord Genuity Upgrades Pioneer Natural Resources to Hold, Reiterates $112 PT on Reasonable Outlook

In a report published Tuesday, Canaccord Genuity analyst John Gerdes upgraded the rating on Pioneer Natural Resources

from Sell to Hold, and reiterated the $112.00 price target. In the report, Gerdes noted, “We are upgrading PXD from Sell to HOLD as the stock now reflects a reasonable outlook as to the capital productivity of blended horizontal/vertical development in the Spraberry field. Since mid-February, PXD has underperformed the sector ~10%. Our '13 production growth expectation of ~16%, which is at the high end of guidance (12%-16%), assumes the capital intensity of horizontal and vertical development in the Spraberry field is comparable.” Pioneer Natural Resources closed on Monday at $110.17.