UPDATE: Bank of America Upgrades Rating to Neutral and Raises PT to $48 on Newfield Exploration
A report from Bank of America upgrades its rating from Underperform to Neutral and raises its price target from $41 to $48 on Newfield Exploration (NYSE: NFX).
The report states, “Looking ahead to 2012 we see several potential catalysts for NFX that could limit downside risk and offer signs of upside potential. We expect headwinds from a significant decline in natural gas production, liquids growth that should be bolstered by startup of projects in Asia and acceleration in the Uinta Basin while a marketing agreement and horizontal drilling in the Rockies should give better visibility to long term oil growth there.”
NFX closed Friday at $40.87.
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