Wells Fargo Downgrades Concho Resources (CXO) to Market Perform; Valuation Call

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Wells Fargo downgraded Concho Resources (NYSE: CXO) from Outperform to Market Perform.

Wells analyst says, "Going forward in 2011, we believe that the upside potential in CXO’s asset base is largely priced into shares, leaving potential share price appreciation a function of commodity prices, all else equal."

For more ratings news on Concho Resources click here and for the rating history of Concho Resources click here.

Shares of Concho Resources closed at $85.50 yesterday, with a 52 week range of $42.60-$90.30.

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