KLR Group Upgrades Approach Resources (AREX) to Buy

(Updated)

KLR Group upgraded Approach Resources (NASDAQ: AREX) from Accumulate to Buy with a price target of $5.00.

Analyst Gail Nicholson said, "We are upgrading AREX from Accumulate to Buy and lowering our target price $2 to $5 per share following a reduction in our '16 forward capital budget assumptions. Approach has depreciated ~70% since early May and now reflects ~80% equity value upside, thus meriting an upgrade to Buy."

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 $2.77 yesterday.

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