UPDATE: Morgan Stanley Upgrades Cimarex Energy Co. to Overweight, Raises PT on Excellent Risk/Reward

In a report published Monday, Morgan Stanley analyst Drew Venker upgraded the rating on

from Equal-Weight to Overweight, and raised the price target from $79.00 to $105.00. In the report, Morgan Stanley noted, “XEC is on the cusp of delineating a very large Permian resource base that could underpin 10+ yrs of rapid, visible growth — in which case, it should sharply re-rate. Its 2.5x discount to peers fails to reflect its rapidly improving growth profile and outstanding mgmt. Upgrading to OW, PT to $105.” Cimarex Energy Co. closed on Friday at $85.82.