UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Pioneer Natural Resources Following Management Meeting

In a report published Wednesday, Citigroup analyst Robert S. Morris reiterated a Buy rating on Pioneer Natural Resources PXD, and raised the price target from $148.00 to $190.00. In the report, Citigroup noted, “We recently met with Pioneer President and COO, Tim Dove, and EVP of Business Development & Geoscience, Chris Cheatwood, to get a detailed update on the company's operations. Based on our extensive meeting at their offices, we have heightened confidence in the quality and potential of Pioneer's Permian Basin assets. Consequently, and noting there are still limited data points at this juncture, we have raised our price target to $190 per share (our new ‘Base Case') from $148 (now our ‘Low Case').” Pioneer Natural Resources closed on Tuesday at $153.49.