UPDATE: Miller Tabak Upgrades PDC Energy to Buy on Improved Reserves, Liquidity

Miller Tabak upgraded PDC Energy

from Neutral to Buy and raised the price target to $50.00. Miller Tabak noted, "We believe PDC Energy has one of the most attractive asset bases of any North American E&P company with large acreage positions in both the Wattenberg and Utica shale. Our primary concern has been high debt levels and a perpetual funding gap, but the $200 Million divestiture of the Piceance and NECO natural gas assets will provide much needed liquidity to fund the 2013 CAPX budget. PDC Energy will continue to see increases in proved reserves for years to come as they progress with downspacing and testing of additional horizons in the Wattenberg. PDC's depth of drilling inventory in two of North America's hottest plays will continue to drive a premium multiple for the stock." PDC Energy closed at $41.17 on Tuesday.