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UPDATE: Morgan Stanley Upgrades Cimarex Energy on Excellent Risk/Reward

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In a report published Monday, Morgan Stanley analyst Drew Venker upgraded the rating on Cimarex Energy Co. (NYSE: XEC) from Equal-Weight to Overweight, and raised the price target from $79.00 to $105.00.

In the report, Morgan Stanley noted, “XEC is on the cusp of delineating a very large Permian resource base that could underpin 10+ yrs of rapid, visible growth — in which case, it should sharply re-rate. Its 2.5x discount to peers fails to reflect its rapidly improving growth profile and outstanding mgmt. Upgrading to OW, PT to $105.”

Cimarex Energy Co. closed on Friday at $85.82.

Latest Ratings for XEC

DateFirmActionFromTo
Nov 2020Morgan StanleyMaintainsOverweight
Oct 2020Raymond JamesUpgradesMarket PerformOutperform
Oct 2020Truist SecuritiesUpgradesHoldBuy

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View the Latest Analyst Ratings

 

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Posted-In: Drew Venker Morgan StanleyAnalyst Color Upgrades Analyst Ratings

Latest Ratings

StockFirmActionPT
HYMCBMO CapitalInitiates Coverage On
DEMorgan StanleyMaintains335.0
SBNYRaymond JamesMaintains138.0
CORTHC Wainwright & Co.Maintains32.0
CYBBFCitigroupDowngrades
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