Canaccord Genuity Raises Price Target on Cabot Oil & Gas (COG)

Canaccord Genuity reiterated a Buy rating on Cabot Oil & Gas (NYSE: COG) and raised its price target to $80.00 (from $69.00).

"We our raising our target price $11 to $80 per share in accordance with layering an incremental 400 Mmcfpd of Marcellus growth (’14-’17) into our economic model," said analyst John Gerdes.

"Interestingly," noted Gerdes, "the increase in takeaway capacity that drives this additional growth is a result of unforeseen system optimization, not planned system expansion."

For an analyst ratings summary and ratings history on Cabot Oil & Gas click here. For more ratings news on Cabot Oil & Gas click here.

Shares of Cabot Oil & Gas closed at $44.26 yesterday.

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