UPDATE: Stifel Nicolaus Upgrades Newfield Exploration Co. to Buy, Names $29 PT on Increasing Proved NAV

In a report published Tuesday, Stifel Nicolaus analyst Amir Arif upgraded the rating on Newfield Exploration Co. NFX from Hold to Buy, and named a $29.00 price target. In the report, Stifel Nicolaus noted, “We are upgrading NFX from Hold to Buy with a target price of $29/sh. We believe the key rationale to add to positions is an upcoming increased proved NAV from international asset sale in 2H13 (lowering downside risk), upside to 2013 guidance (possibly with 2Q results), and delivery of growth showing up from its domestic core areas. Our target price of $29 reflects a target 2014E EV/EBITDA of 4.8x and assuming net sales proceeds of $1.15 billion for the international assets.” Newfield Exploration Co. closed on Monday at $23.01.
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Posted In: Analyst ColorUpgradesAnalyst RatingsAmir ArifStifel Nicolaus
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