UPDATE: Morgan Stanley Downgrades Range Resources Corp. on Fair Credit

In a report published Thursday, Morgan Stanley analyst Drew Venker downgraded Range Resources Corp. RRC from Overweight to Equal-Weight, but raised the price target from $85.00 to $88.00.

In the report, Morgan Stanley noted, “Receives fair credit for deep resource potential and sustainable 20-25% annual growth for several years. Range's premium multiple is justified given its track record of superior exploration success, its conservative guidance, and strong management team. HBP drilling is likely to continue for 3-5 years, which will slow the pace of growth.”

Range Resources Corp. closed on Wednesday at $75.70.