UPDATE: Canaccord Genuity Upgrades PDC Energy (PETD) to Buy; Niobrara Should Help Drive Growth

Article Stock Quotes (1) Comments (0)

(Updated - May 14, 2012 8:59 AM EDT)

Canaccord Genuity upgraded PDC Energy (NASDAQ: PETD) from Hold to Buy, price target lowered from $42 to $41.

Analyst, John Gerdes, said, "We are raising our rating on PETD to BUY as we believe strong Wattenberg field results should drive oil/cash flow growth, a guidance beat and equity performance. PDC shares present less upside to our target than the sector’s ~40% given a Utica premium that seems fair though is not included in our target. Successful stacked Niobrara/Codell tests or Utica exploration/monetization would offer further upside potential."

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

Shares of PDC Energy closed at $31.79 yesterday, with a 52 week range of $15.08-$40.26.

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• Goldman Sachs Upgrades Enbridge (ENB) to Conviction Buy
• Deutsche Bank Sees Upside in AIG (AIG) Stock
• Wells Fargo Upgrades ProLogis (PLD) to Outperform

Create E-mail Alert Related Categories

Analyst PT Change, Upgrades

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?