UPDATE: Stifel Nicolaus Upgrades Newfield Exploration on Increasing Proved NAV
In a report published Tuesday, Stifel Nicolaus analyst Amir Arif upgraded the rating on Newfield Exploration (NYSE: 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 closed on Monday at $23.01.
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