Wells Fargo Upgrades Bill Barrett (BBG) to Outperform; Valuation Attractive

Wells Fargo upgraded Bill Barrett (NYSE: BBG) from Market Perform to Outperform. Raising valuation range to $58-62/share from $42-44.

Wells analyst says, "Over the last few years, BBG has grown production and reserves by 30%+ CAGR. We believe BBG will achieve 15-20% growth spending slightly above cash flows over the next few years. With a solid development portfolio and exploration upside potential, we expect shares to Outperform peers as production and reserves grow at a faster pace."

For more ratings news on Bill Barrett click here and for the rating history of Bill Barrett click here.

Shares of Bill Barrett closed at $48.08 yesterday.

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