Deutsche Bank Upgrades Concho Resources (CXO) to Buy; Full Hearts, and Full Inventory

Deutsche Bank upgraded Concho Resources (NYSE: CXO) to Buy, price target raised from $113 to $131.

Deutsche analyst said, "Despite a steady stream of positive data points and building momentum in the Permian Basin, pure-play Concho Resources has underperformed fellow Permian-peers by 13% YTD on concerns on valuation, increasing "gassiness" and rising costs. However, this has overshadowed upside drivers in Delaware Basin performance, emerging/improving plays (Hz Wolfcamp, Cline and North Midland Basin) and potential for accretive acquisitions."

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 $102.08 yesterday.

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