UPDATE: Bank Of America Reiterates On Pioneer Natural Resources On Transition From NAV To Growth

In a report published Tuesday, Bank of America analyst Doug Leggate reiterated a Buy rating on Pioneer Natural Resources PXD, and raised the price target from $280.00 to $300.00. In the report, Bank of America noted, “After two days on the road with PXD COO Tim Dove, we consider the next steps in an investment case that is rapidly evolving from a theoretical NAV stock to a practical multi-year growth story. Geological risk is largely addressed, save for upside from ongoing appraisal drilling: in our view, there seems little doubt resource inventory moves higher. In its place is execution risk as management shifts priorities from resource appraisal to a long term development plan that our discussions with management suggest is already under way. Recognizing potential for accelerated multiple compression,we raise our PO to $300 / share.” Pioneer Natural Resources closed on Monday at $227.50.