UPDATE: Morgan Stanley Reiterates on Cimarex Energy on Long-Term Opportunity

In a report published Wednesday, Morgan Stanley analyst Drew Venker reiterated an Overweight rating on

, and raised the price target from $134.00 to $145.00. In the report, Morgan Stanley noted, “Despite a potential pullback on weaker oil prices, we see long-term opportunity. XEC's lowest risk plays deliver 48% IRRs vs. 27% in our last update. We estimate these could improve to 70% if recent tests prove repeatable. Raising PT to $145 and raising estimates for more rapid, sustained growth.” Cimarex Energy closed on Tuesday at $109.69.