UPDATE: Miller Tabak + Co. Downgrades PDC Energy to Hold, Raises PT on Valuation

In a report published Friday, Miller Tabak + Co. analyst Adam Michael downgraded the rating on

from Buy to Hold, but raised the price target from $67.00 to $69.00. In the report, Miller Tabak + Co. noted, “PDC Energy holds a large inventory of future drilling locations in the core areas of the Wattenberg and Utica and remains one of our favorite E&P's, but we are downgrading the stock to a Hold with a $69 PT due to valuation. Several data points in the coming months (Utica EUR assumption, results from the Neill and other Utica wells, December production/CAPX guidance) could offer an opportunity to revisit our rating and price target. Our $69 price target represents a 5.8x multiple of our 2015 estimate of discretionary cash flow.” PDC Energy closed on Thursday at $67.81.