UPDATE: Stifel Downgrades Rosetta Resources to Hold, Removes PT on Fair Valuation

In a report published Thursday, Stifel analyst Amir Arif downgraded the rating on

from Buy to Hold, and removed the $59.00 price target. In the report, Stifel noted, “We are downgrading ROSE from Buy to Hold on fair valuation. With the stock essentially having reached our prior $59 target price and now trading at 5.8x 2014E EV/EBITDA and 83% of risked NAV, we believe the name is fairly valued in the near term. ROSE has outperformed the EPX benchmark by 15% in 2H13 on expectations of the first ROSE operated Wolfcamp well. Although longer term, the Permian play gives the name more upside, in the near term, we believe the stock is already reflecting a positive data point that should come with 3Q results.” Rosetta Resources closed on Wednesday at $57.55.