Deutsche Bank Downgrades Pioneer Natural Resources (PXD) to Hold; Reducing Exposure

Deutsche Bank downgraded Pioneer Natural Resources (NYSE: PXD) to Hold, price target raised from $88 to $100.

Deutsche analyst says, "Following 401 bps of relative outperformance in October, and the stock within 8.6% of our revised price target, we are downgrading PXD. Subsequent a ~$500 mm secondary offering and additional disclosure at Q3 surrounding the emerging horizontal Wolfcamp play in the Midland basin, we have updated our NAV & valuation...Importantly, were we to run a $95/$5.00 scenario our NAV would be $126/shr suggesting that a further narrowing of the P/NAV discount would prove our call too conservative."

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

Shares of Pioneer Natural Resources closed at $92.12 yesterday.

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