KLR Group downgraded Range Resources (NYSE: RRC) from Buy to Accumulate with a price target of $72.00 (from $74.00).

Analyst John Gerdes commented, "We are downgrading RRC from Buy to Accumulate and decreasing our target price $2 to $72 per share due to slightly lower price realizations. RRC has appreciated almost 40% since mid-March, outperforming the sector by ~25%, and reflects less than 20% equity value upside thus necessitating a downgrade to Accumulate."

He added, "Our fair value anticipates a $0.25/Mcfe incremental increase in Marcellus equivalent price realizations with commencement of ethane exports and propane shipments on Mariner East the second half this year. Our ’15 production growth expectation of ~20% is in line with company guidance (~20%). Our target price is anchored on a long-term ~$4.25 NYMEX gas price."

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Shares of Range Resources closed at $62.06 yesterday.