JP Morgan Updates Estimates For AREX

JP Morgan has published a report for Approach Resources Inc. AREX that includes a raised price target and is as follows: "We are increasing our price target to $14.50/share based on our NAV of $14.40/share. The price target reflects the new mid-year reserve data, AREX's acquisition of an additional 22,851 net acres in the Permian, and the Wolfcamp shale oil potential at Ozona Northeast and Cinco Terry. The stock is trading at 76% of estimated NAV, close to the coverage group median of 77% but well below the small cap median of 91%." JP Morgan also maintains its Neutral rating for Approach Resources Inc., which closed yesterday at $10.98.