UPDATE: Morgan Stanley Downgrades Range Resources Corp. on Fair Credit
In a report published Thursday, Morgan Stanley analyst Drew Venker downgraded Range Resources Corp. (NYSE: RRC) from Overweight to Equal-Weight, but raised the price target from $85.00 to $88.00.
In the report, Morgan Stanley noted, “Receives fair credit for deep resource potential and sustainable 20-25% annual growth for several years. Range's premium multiple is justified given its track record of superior exploration success, its conservative guidance, and strong management team. HBP drilling is likely to continue for 3-5 years, which will slow the pace of growth.”
Range Resources Corp. closed on Wednesday at $75.70.
Latest Ratings for RRC
|Feb 2015||SunTrust Robinson Humphrey||Downgrades||Buy||Neutral|
|Jan 2015||Deutsche Bank||Maintains||Hold|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.