KLR Group Raises Price Target on Concho Resources (CXO) to $172
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KLR Group reiterated an Accumulate rating on Concho Resources (NYSE: CXO), and raised the price target to $172.00 (from $157.00), due to lower costs.
Analyst John Gerdes commented, "We are increasing our CXO target price $15 to $172 per share due to ~10% lower capital intensity and lower operating expense. Our ’17 production growth forecast of ~18% approximates the midpoint of guidance (17%-20% growth)."
Shares of Concho Resources closed at $132.68 yesterday.
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