UPDATE: Morgan Stanley Reiterates on Range Resources Following Positive Guidance

In a report published Wednesday, Morgan Stanley analyst Drew Venker reiterated an Equal-Weight rating on Range Resources RRC, and raised the price target from $90.00 to $98.00. In the report, Morgan Stanley noted, “Receives fair credit for deep resource potential and sustainable 20-25% annual growth for several years. Range's premium multiple is justified given its track record of superior exploration success, its conservative guidance, and strong management team. HBP drilling is likely to continue for 3-5 years, which will slow the pace of growth.” Range Resources closed on Tuesday at $86.90.