Canaccord Reiterates Buy Rating, $59 PT for Rosetta Resources

In a flash update published earlier today, Canaccord Genuity reiterated its Buy rating and $59.00 price target for Rosetta Resources Inc.

. Canaccord went on to say “Rosetta Resources announced Q1 production of 33.8 Mboepd, 4% below our expectation after adjusting for the close of a partial divestiture eight days before our expectation. First quarter capital spending of $133 million was below our $160 million estimate and a contributor to the Q1 production miss. Rosetta operated four to five rigs in the Eagle Ford versus our five rig expectation.” Rosetta Resources Inc. closed yesterday at $44.26.