Bank of America Reduces PT on Petroleum Development Corporation to $41, Maintains Buy (PETD)

Bank of America reduced its price target on Petroleum Development Corporation

from $48 to $41. In a research report published today, Bank of America states, "We are lowering our NAV based PO to $41/share to reflect; more conservative assumptions in terms of price realizations, a higher risking on undeveloped gas reserves in the Rockies, and minor cost adjustments." Bank of America reiterated its Buy rating, however. In yesterday's trading, Petroleum Development lost 5.34% of its value to close the day at $36.69.