UPDATE: Canaccord Genuity Initiates Pioneer Natural Resources with Buy on Immense Reserve Potential

In a report published Tuesday, Canaccord Genuity analyst Robert Christensen initiated coverage on

with a Buy rating and $220.00 price target. In the report, Canaccord Genuity noted, “PXD has immense reserve potential in the Spraberry/Wolfcamp oil plays in the Midland-Permian Basin. We believe PXD has just barely scratched the surface of the multiple opportunity sets available with horizontal drilling. This makes us confident that the Midland Basin gives PXD many years of substantial growth in high-margin crude oil.” Pioneer Natural Resources closed on Monday at $166.36.