Canaccord Genuity reiterates a 'Buy' on Approach Resources (AREX); Wolfcamp Progression

Canaccord Genuity reiterates a 'Buy' on Approach Resources (NASDAQ: AREX) price target raised to $44.00.

Analyst, Marcus Talbert, said, "We are reiterating our rating and raising our target price based on Approach’s strong project updates and 2011 financial results. Approach Resources remains one of our best ideas based on its liquids transformation shift and industry-leading leverage to the horizontal oil concepts in the Permian Basin. Approach successfully de-risked a meaningful amount of resource from its 2011 testing activities, and we expect further NAV/share price accretion as the markets dial in the stacked potential/inventory upside from AREX’s liquids-rich asset base."

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

Shares of Approach Resources closed at $35.44 yesterday.

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