Goldman Sachs, which initiated coverage of Range Resources Corporation RRC, is providing some color on the stock.
“We view favorably Range's top-tier assets (largely SW PA) and leading resource inventory,” Goldman Sachs writes. “However, we initiate with a Neutral rating as for now we believe RRC's existing premium multiple is less likely to expand. We see 14% upside to a $63 6-month DCF-/multiples-based target price.
“We believe until gas price sentiment improves (or shares pull back) the Street will focus on companies that can grow without their budgets meaningfully exceeding cash flow – this presently favors Cabot relative to Range.”
Range Resources closed Tuesday at $55.92.
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Posted In: Analyst ColorAnalyst RatingsEnergyGoldman SachsOil & Gas Exploration & Productionrange resources
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