UPDATE: Canaccord Lowers PT on Pioneer Natural Resources on Equity Offering Upsizing

In a report published Wednesday, Canaccord Genuity analyst John Gerdes reiterated its Sell rating on Pioneer Natural Resources

, but slightly lowered its price target from $113.00 to $112.00. In the report, Gerdes noted, “We are lowering our target price $1 to $112/share due to the upsizing of the company's equity offering. Importantly, our '13 growth expectation of ~16%, which is at the high end of guidance (12%-16%), could prove optimistic as it assumes the capital intensity of horizontal development in the Spraberry field is comparable to vertical development.” Pioneer Natural Resources closed on Tuesday at $127.11.