UPDATE: MLV & Co Reiterates Buy Rating, Lowers PT on PDC Energy Following Q3'14 Shortfall

In a report published Tuesday, MLV & Co analyst Chad Mabry reiterated a Buy rating on

, but lowered the price target from $84.00 to $59.00. In the report, MLV & Co noted, “We continue to view PDCE as well-positioned to navigate the downturn in oil prices due to its (1) strong balance sheet, (2) extensive hedge book, and (3) flexible capital program. But uncertainty in the oil market is likely to prevent the stock from trading up to NAV in the near-term. We're lowering our price target to $59 (from $84) which reflects the value of the company's proved reserves (72% PUD).” PDC Energy closed on Monday at $39.08.