UPDATE: Stifel Upgrades PDC Energy to Buy, Names $75 PT on Focus on Wattenberg Middle Core

In a report published Tuesday, Stifel analyst Michael Scialla upgraded the rating on PDC Energy PDCE from Hold to Buy, and named a $75.00 price target. In the report, Stifel noted, “We are raising our rating to Buy from Hold based on PDC's significant exposure to the Middle Core area of Wattenberg Field (roughly two-thirds of its 100k net acres in the Niobrara play), emerging potential in the southern extension of the Utica, and solid balance sheet. Our 12-month target price of $75/share assumes the stock's 7% discount to our peer group narrows to an in-line valuation.” PDC Energy closed on Monday at $57.17.