UPDATE: Stifel Upgrades PDC Energy (PDCE) to Buy

(updating comment)

Stifel analyst Michael Scialla upgraded PDC Energy (NASDAQ: PDCE) from Hold to Buy with a price target of $21.00 (from $14.00).

The analyst comments "We are raising our rating to Buy from Hold and our target to $21 from $14 as a recent oil price improvement reduces our concern over the company's potential reliance on its credit facility to fund a near-term debt maturity. Strong FCF generation should fund an upcoming maturity, bolster a solid balance sheet, and cause the stock's 40% discount to our mid-cap peer group to narrow."

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 $12.66 yesterday.

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