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UPDATE: KLR Group Upgrades Concho Resources

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In a note released Tuesday morning, KLR Group analyst John Gerdes upgraded shares of of Concho Resource (NYSE: CXO) from Accumulate to Buy and raised the price target from $176 to $185.

Gerdes noted that the upgrade comes on the back of a five to 10 percent increase in 2015 forward capital spending. Further, his capital plan assumes a development program in the Permain Basin of approximately 40 rigs.

For 2014, Gerdes is predicting ~22 percent growth in production which is at the mid point of guidance. However, in 2016 his production estimate is five percent lower than Concho's goal.

Latest Ratings for CXO

DateFirmActionFromTo
Jan 2021KeyBancMaintainsOverweight
Nov 2020StifelDowngradesBuyHold
Nov 2020Morgan StanleyDowngradesOverweightEqual-Weight

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Posted-In: John Gerdes KLR GroupAnalyst Color Upgrades Price Target Analyst Ratings

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