UPDATE: Sterne Agee Upgrades Approach Resources (AREX), Says Recent Selloff Overdone

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(Updated - May 29, 2012 1:56 PM EDT)

Sterne Agee's Tim Rezvan upgraded shares of Approach Resources (NASDAQ: AREX) from Underperform to Neutral Tuesday morning as the analyst believes a recent pullback in the stock is overdone. Rezvan said the stock's price now "reflects a more balanced risk/reward outlook."

The analyst also said he likes Approach management's focus on the Permian Basin, especially considering Concho Resources' (NYSE: CXO) recent $1 billion deal within the region.

Shares of Approach Resources are up 5.7 percent to $29.95 at last check.

For an analyst ratings summary and ratings history on Approach Resources click here. For more ratings news on Approach Resources click here.

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