UPDATE: Canaccord Genuity Lowers Approach Resources' PT

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According to a research report published this morning, Canaccord Genuity has lowered Approach Resources' (NASDAQ: AREX) PT to $38.In the report, Canaccord Genuity commented, "We are reiterating our BUY rating but lowering our price target to $38.00 based on Approach's latest financial results and project updates. Despite the capital intensity concerns/weaker price realizations, we remain bullish on AREX's liquids transformation and leading leverage to horizontal Permian Oil. After successfully de-risking the Upper Wolfcamp resource play in the past 12 months, we expect further NAV/share price accretion as the markets dial in the additional stacked potential/inventory upside from AREX's liquids-rich asset base."Approach Resources closed Friday at $32.19.

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