UPDATE: Canaccord Raises Range Resources' PT

According to a research report published this morning, Canaccord has increased Range Resources'

PT from $52 to $59. In the report, Canaccord said, "Specifically, ~40% of capital should target liquids next year, up from ~25% currently. We retain our HOLD rating as investors have recognized Range's differential growth profile. The company offers twice the CFPS growth of the sector ('12-'14E) though trades at twice the valuation ('12E EBITDA). Improving productivity in the Marcellus represents potential upside to our target. Additionally, increasing activity in the Permian and Mississippian or the sale of these assets would likely be value accretive." Range Resources closed yesterday at $62.64.