UPDATE: J.P. Morgan Raises PT on Newfield Exploration Company from $81.50 to $90.50

J.P. Morgan has published a report on Newfield Exploration Company NFX raising the price target from $81.50 to $90.50. In the report, J.P. Morgan wrote, "The company's new Uinta Basin oil plays highlight the 2Q11 results.The addition of these new plays alone increases the gross NAV potential value of the Greater Monument Butte area by around $7/share. However, due to changes in our model, including higher costs and assumed lower activity in the Eagle Ford and Bakken, we lowered our total company NAV." J.P. Morgan rated Newfield Exploration Company an Overweight with a price target of $90.50. Newfield Exploration Company closed Thursday at $72.85.