Loading...
Loading...
Deutsche Bank raises its rating to Buy from Hold and increases its price target to $131 from $113 on Concho Resources
CXO on upside drivers likely to offset valuation concerns.
Deutsche Bank says, "Despite a steady stream of positive data points and building momentum in the Permian Basin, pure-play Concho Resources has underperformed fellow Permian-peers by 13% YTD on concerns on valuation, increasing "gassiness" and rising costs. However, this has overshadowed upside drivers in Delaware Basin performance, emerging/improving plays (Hz Wolfcamp, Cline and North Midland Basin) and potential for accretive acquisitions."
CXO closed at $102.08 on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in