UPDATE: Deutsche Bank Raises Target to $77 on Range

Deutsche Bank raises its price target to $77 on Hold-rated Range

, up $14, on liquids resource data. Deutsche Bank says, "While the market expected a resource update, Range's release should revamp Street NAVs. Against in-line ops and '12 production growth (30-35%) vs. consensus at 33%, Range has showcased liquids, with data on the “super-rich” Marcellus, the Mississippian, the Permian Cline, and prospective Utica. Range is outspending cash flow in '12 (we estimate an $800mln gap, DB deck) covered by revolver. We expect the market to forgive based on the accretive project queue, but with a balanced risk/reward at our NAV deck, we maintain our Hold today." RRC closed at $75.61 a share on Wednesday.