UPDATE: Wunderlich Securities Downgrades Concho Resources On Premium Name, Fair Value

In a report published Tuesday, Wunderlich Securities analyst Irene O. Haas downgraded the rating on

from Buy to Hold, and lowered the price target from $147.00 to $137.00. In the report, Wunderlich Securities noted, “Concho Resources (CXO) reported first quarter results and beat consensus by most measures. We have been big fans of Concho from inception and the company continues to impress. Concho is a first mover in multiple Permian resource plays and has a great land base with 22,000 drilling locations. With multiple plays captured, the company is ramping up. The company sold 6.5 million shares at $129 per share to accelerate drilling. "We revised our estimates to reflect the new share count: our NAV which is also our price target was lowered to $137 from $147. We are downgrading CXO to Hold as the stock has had a nice run and is fairly valued, in our view. We will revisit our rating and price target when we have more clarity on the company's 2015 game plan.” Concho Resources closed on Monday at $129.94.