UPDATE: JP Morgan Upgrades Approach Resources to Overweight on Valuation

JP Morgan raised its rating on Approach Resources

from Neutral to Overweight and increased its price target from $28.50 to $39.50. JP Morgan commented, "We are upgrading AREX to Overweight from Neutral based on catalysts and valuation. While other small caps also have above average production growth, AREX is the only small cap on our coverage list with the combination of above average growth and a relatively attractive valuation." Approach Resources closed at $29.53 on Monday.