UPDATE: Canaccord Genuity Upgrades Cimarex Energy

According to a research report published earlier today, Canaccord Genuity has upgraded Cimarex Energy XEC from Hold to Buy. In the report, Canaccord Genuity explained, "We are raising XEC from Hold to BUY and maintaining our target at $84 as a stronger shift to oil offsets higher operating expense. XEC overreacted to the upside following Q4 results, in our view. Since then, the stock has declined over 20% while Permian peers have fallen only ~10%. We now see ~10% greater upside versus Permian peers as Cimarex offers a similar CFPS growth outlook ('12-'14E) though trades at a ~20% discount ('12E EBITDA)." Cimarex Energy closed yesterday at $65.24.