Canaccord Genuity Maintains a 'Buy' on Concho Resources (CXO); Conservative Spending Translates Into Less Potential Downside Risk
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Price: $65.60 --0%
Rating Summary:
28 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
Rating Summary:
28 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
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Canaccord Genuity maintains a 'Buy' on Concho Resources (NYSE: CXO) price target of $131.00.
Analyst, John Gerdes, said, "We believe Concho offers ~10% less upside than the sector though should spend only 10% beyond cash generation this year, while the sector outspends cash flow by ~40%. We believe the company’s conservative spending translates into less potential downside risk to estimates and our target in an uncertain macro environment. We expect a relatively uneventful reporting cycle for Concho given the company’s terse operational updates and previously announced ’12 spending/production guidance."
For an analyst ratings summary and ratings history on Concho Resources click here. For more ratings news on Concho Resources click here.
Shares of Concho Resources closed at $99.69 yesterday.
Analyst, John Gerdes, said, "We believe Concho offers ~10% less upside than the sector though should spend only 10% beyond cash generation this year, while the sector outspends cash flow by ~40%. We believe the company’s conservative spending translates into less potential downside risk to estimates and our target in an uncertain macro environment. We expect a relatively uneventful reporting cycle for Concho given the company’s terse operational updates and previously announced ’12 spending/production guidance."
For an analyst ratings summary and ratings history on Concho Resources click here. For more ratings news on Concho Resources click here.
Shares of Concho Resources closed at $99.69 yesterday.
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