Credit Suisse Raises Price Target and Estimates on Range Resources (RRC) on Stronger and Promising Outlook

Credit Suisse is reiterating its Outperform rating on shares of Range Resources (NYSE: RRC) and is raising its price target from $58 to $63.

The company finished Q1 with Marcellus production at 260MMcfe/d, which is inline with its goal of a 400MMcfe/d by the end of 2011.

The firm reports, "Although production outpaced infrastructure in the play during 1Q, RRC is quickly taking steps to stay ahead of production growth for the remainder of the year and expects processing capacity to increase to 390MMcfe/d and gathering capacity to increase to +575MMcfe/d by YE2011. Development continues on pace with 14 rigs in the play."

Credit Suisse raised its FY11 EPS estimate by 55% to $1.21, FY12 by 12% to $2.24, and its FY13 by 1% to $3.46.

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

Shares of Range Resources closed at $52.06 yesterday.

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