UPDATE: Wunderlich Securities Reiterates Buy Rating, Raises PT on Diamondback Energy as Well Performance Keeps Improving

In a report published Wednesday, Wunderlich Securities analyst Jason A. Wangler reiterated a Buy rating on

, and raised the price target from $75.00 to $85.00. In the report, Wunderlich Securities noted, “Diamondback Energy (FANG) last week reported multiple positive catalysts that continue to show why the company has seen such a surge in value the past 18 months. The company announced strong 1Q14 production results, multiple solid horizontal well results, increased 2014 guidance and an increased acreage position. These moves are clearly positive and show yet again the strength of the assets and operations of Diamondback. Looking forward the company has some interesting wells that are flowing back or drilling ahead that could provide further value-additions for Diamondback as the Spraberry zones and wells in multiple counties help de-risk and develop the company's acreage; given the history so far we expect more positive results to keep moving production and reserves higher.” Diamondback Energy closed on Tuesday at $69.08.