Mizuho Securities Starts Diamondback Energy (FANG) at Buy
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Mizuho Securities initiates coverage on Diamondback Energy (NASDAQ: FANG) with a Buy rating and a price target of $105.00.
Analyst Timothy Rezvan commented, "With an inimitable cost advantage due to mineral rights ownership, we think Diamondback warrants its lofty multiple (14x 2017E EV/EBITDA), and see upside to the current share price. A low cost structure, based on its lean corporate profile and its minerals ownership across some core properties, drives best-in-breed drilling economics and, in turn, a steep valuation multiple and rich equity currency that funds successful bolt-on acquisitions. With the potential to organically increase inventory through downspacing, and visibility on a ~20% production growth CAGR through 2020, we believe FANG shares have room to run."
Shares of Diamondback Energy closed at $91.59 yesterday.
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