UPDATE: Bank of America Merrill Lynch Raises PO on Cabot Oil & Gas to $105

Bank of America Merrill Lynch is out with its report today on Cabot Oil & Gas COG, raising its PO to $105. In a note to clients, Bank of America Merrill Lynch writes, "Consistently strong well results in NE Marcellus, substantial deliverability in the wings (eg ~550 frac stages) and infrastructure growth point to higher fundamental valuations and visible catalysts ahead for COG. We increase our PO substantially on revision of our NAV model for decreased risk and improved results, yet believe upside exists beyond the new PO as our risking in the Marcellus is still just 48%.Our new EPS/CFPS estimates are $1.58/$6.29, $3.24/$10.34 and $5.00/$14.90 per share for FY'11, FY'12 and FY'13 respectively." Bank of America Merrill Lynch maintains Buy on COG. Shares of COG closed Wednesday at $58.23.