UPDATE: Societe Generale Upgrades SM Energy Co. to Buy, Raises PT on Positive Outlook

In a report published Friday, Societe Generale analyst Bob Parija upgraded the rating on

from Hold to Buy, and raised the price target from $67.00 to $92.00. In the report, Societe Generale noted, “Upgrading to BUY from HOLD and increasing our TP to $92 We believe the market's 3Q13 pivot toward higher beta oil/liquids leverage will continue for the remainder of the year. With an improving, albeit uneven, global macro picture and a more accommodative Fed policy, the market preference for risk-on, cyclical stocks like SM with favourable growth profiles, higher operating leverage, and operational catalysts will be a key 2H13 theme in our view.” SM Energy Co. closed on Thursday at $75.63.