UPDATE: Deutsche Bank Raises PT on WPX Energy on Updated Q1 Expectations

In a report published Monday, Deutsche Bank analyst Stephen Richardson reiterated a Hold rating on WPX Energy

, and raised the price target from $17.00 to $20.00. In the report, Richardson noted, “Led by a downward spiral in crude price, E&Ps are stumbling into quarterly results, with the EPX down 10% over the past four weeks, despite the natural gas front month increasing by 11% over the same period. With the stocks rebased, valuations are more attractive, with group average 2014 EV/DACF multiple down to 5.9x at $88/bbl WTI and $4.25/mmmbtu NG – with the biggest debate seemingly whether $88/bbl is the right number. We have updated our Q1 expectations and outline quarterly commodity trends within. We still favor top-picks EOG and XEC into the print.” WPX Energy closed on Friday at $16.38.