In a report published Friday, Jefferies analyst Subash Chandra reiterated a Buy rating on SM Energy SM, and raised the price target from $56.00 to $84.00.
In the report, Jefferies noted, “Despite EPS/production beats and a strong reserve report, SM has lagged many 'resource' peers year-to-date, perhaps due to worries about commodities and/or Briscoe Ranch results. We attempt to make sense of opposing views and arrive at a sensible valuation through a long-term pv10 analysis. We see visibility to $84 per share by 2015, driven by Eagle Ford growth. Successful new ventures and improved Briscoe results would add to upside.”
SM Energy closed on Thursday at $60.46.
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