UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Cimarex Energy Following Conference Call

In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Cimarex Energy Co.

, and raised its price target from $76.00 to $80.00. Deutsche Bank noted, “Cimarex continued a quiet trend of operational beats in the Permian, led by better oil growth (27.1 Mb/d vs. DBe 26.4). The conference call confirmed everything we expected: well results are improving, costs are falling, step-out exploration has been encouraging, and the much-worried about 2013 production guidance beat expectations.” Cimarex Energy Co. closed on Tuesday at $66.95.