Imperial Capital Reiterates Outperform, Lowers Price Target On Rex Energy On Year-End Review

In a report published Friday, Imperial Capital analyst Kim Pacanovsky reiterated an Outperform rating on

, but lowered the price target from $9.50 to $6.00. In the report, Imperial Capital noted, "We are maintaining our Outperform rating on REXX shares, but are lowering our one-year price target to $6 from $9.50. Our price target is about 28% above the recent share price. Although we are lowering our 2015 production estimates to 197mmcfe/d from 201mmcfe/d, we are raising our earnings estimates based on a lower cost structure to ($1.15) from ($1.39) and our adjusted EBITDAX estimate to $96.9mn from $73.4mn. We are marginally decreasing our production estimates due to involuntary production curtailments in 1Q15." Rex Energy closed on Thursday at $4.69.