UPDATE: Canaccord Genuity Reiterates Buy Rating, Lowers PT on Rosetta Resources on Lower NGL Benchmark Pricing

In a report published Monday, Canaccord Genuity analyst John Gerdes reiterated a Buy rating on Rosetta Resources ROSE, but lowered the price target from $69.00 to $57.00. In the report, Gerdes noted, “We are lowering our target price $12 to $57 per share due to slightly lower NGL benchmark pricing (~36% of WTI), a slightly higher gas/NGL production composition and the issuance of 8.05 million shares of common equity (includes over-allotment). Notably, our '13 production exit rate of 58 Mboepd is at the midpoint of guidance (56-60 Mboepd) with a liquids composition (~63%) in line with the company's outlook. Rosetta should generate ~40% growth in '13.” Rosetta Resources closed on Friday at $41.75.