Canaccord Genuity Upgrades Range Resources (RRC) to Hold; Cashing In On Short Play
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Price: $39.36 --0%
Rating Summary:
20 Buy, 31 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 6 | Down: 10 | New: 23
Rating Summary:
20 Buy, 31 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 6 | Down: 10 | New: 23
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Canaccord Genuity upgraded Range Resources (NYSE: RRC) from Sell to Hold, price target cut $1 to $59.00.
Analyst, John Gerdes, said, "We are upgrading RRC and lowering our target $1 due to a slightly higher gas composition. We had viewed RRC negatively since mid-October as we believed the stock reflected an unmerited takeout premium. Since then, RRC has declined ~20% and now trades essentially in line with our target price of $59. Range trades at a ~70% premium to the sector (’13E EBITDA) though offers only ~50% greater CFPS growth (’11-’13E)."
For an analyst ratings summary and ratings history on Range Resources click here. For more ratings news on Range Resources click here.
Shares of Range Resources closed at $57.76 yesterday.
Analyst, John Gerdes, said, "We are upgrading RRC and lowering our target $1 due to a slightly higher gas composition. We had viewed RRC negatively since mid-October as we believed the stock reflected an unmerited takeout premium. Since then, RRC has declined ~20% and now trades essentially in line with our target price of $59. Range trades at a ~70% premium to the sector (’13E EBITDA) though offers only ~50% greater CFPS growth (’11-’13E)."
For an analyst ratings summary and ratings history on Range Resources click here. For more ratings news on Range Resources click here.
Shares of Range Resources closed at $57.76 yesterday.
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