UPDATE: J.P. Morgan Initiates Coverage on Antero Resources Corp. with Overweight Rating, $68 PT Ahead of Expected Outperformance

In a report published Monday, J.P. Morgan analyst Joseph Allman initiated coverage on

with an Overweight rating and $68.00 price target. In the report, J.P. Morgan noted, “We initiate coverage of AR with an Overweight rating and a Dec-14 price target of $68/share, which we base on 115% of NYMEX NAV at YE14E. Whereas some companies have a sweet-spot position in the Marcellus or the Utica, Antero has a sweet-spot position in both. It also differentiates itself with its superior production growth and its capital efficiency. We think the stock will outperform based on, among other things, the company hitting or beating its production numbers, improving per-well production and reserves, and enhancing well economics.” Antero Resources Corp. closed on Friday at $55.15.