UPDATE: Sterne Agee Upgrades QEP Resources to Buy on Bullish Outlook

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In a report published Wednesday, Sterne Agee analyst Tim Rezvan upgraded the rating on
QEP ResourcesQEP
from Neutral to Buy, and named a $36.00 price target. In the report, Sterne Agee noted, “We upgrade QEP shares to Buy from Neutral and establish a $36 PT (5.2x 2014E EV/EBITDA multiple, in line with group average). Our bullish outlook on QEP reflects best-in-class drilling results out of the Bakken, firming gas prices that improve optionality on the E&P portfolio and strong execution on the Rockies midstream build-out. Shares rallied Tuesday on the heels of more strong Bakken results and we would buy the rally.” QEP Resources closed on Tuesday at $29.37.
Posted In: Analyst ColorUpgradesAnalyst RatingsSterne AgeeTim Rezvan
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