Canaccord Genuity Reiterates a 'Buy' on SM Energy (SM); Production Issues Transitory

May 4, 2012 10:02 AM EDT
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Price: $32.40 +1.57%

Rating Summary:
    21 Buy, 14 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 10 | New: 6
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Canaccord Genuity reiterates a 'Buy' on SM Energy (NYSE: SM) price target raised from $108 to $110.

Analyst, John Gerdes, said, "We are raising our target price due to lower cash expense partly offset by lower Q1 production. While the company recently experienced a modest production hiccup, operating expenses were almost 15% below guidance. SM offers twice the sector upside to our target as it trades at a ~20% discount (’12E EBITDA) though we expect it should generate 20% greater CFPS growth through ’13."

For an analyst ratings summary and ratings history on SM Energy click here. For more ratings news on SM Energy click here.

Shares of SM Energy closed at $65.01 yesterday.

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