UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Cabot Oil & Gas Corporation on Free Cash Flow

In a report published Monday, Jefferies analyst Biju Z. Perincheril reiterated a Buy rating on Cabot Oil & Gas Corporation

, and raised the price target from $76.00 to $84.00. In the report, Perincheril noted, “Sustainable free cash flow is one of the ultimate goals of shale development, and Cabot is one of the first companies to reach it. The company will soon have to wrestle with the novel question of what to do with all that cash. Acceleration of Marcellus activity is the primary option. Increasing NAV to $84 from $76 to reflect accelerated activity. Potential natural gas price weakness could be a headwind near-term, however.” Cabot Oil & Gas Corporation closed on Friday at $67.31.