UPDATE: Canaccord Genuity Lowers Concho Resources' PT

According to a research report published this morning, Canaccord Genuity has lowered Concho Resources'

PT from $127 to $117. Canaccord Genuity commented in the report, "We are lowering our price target $10 to $117 largely due to lower wet gas price realizations. In our view, Concho is well positioned to capture the significant oil potential in stacked pay zones endemic across the Permian Basin. We retain our BUY rating and note our '12 production estimate of 30.1 Mmboe is 6% above guidance. Greater capital spending would likely be accretive to our target. Concho is spending ~15% beyond cash flow this year while the sector should outspend cash flow ~35%." Concho Resources closed Friday at $96.32.