PDC Energy (PDCE) Update - May 21

[dan_s]

Stifel:
PDC Energy (PDCE, $12.66, Buy; Target $21.00)
Raising Rating to Buy - Michael S. Scialla
We are raising our rating to Buy from Hold and our target to $21 from $14 as a recent oil price improvement reduces our concern over the company's potential reliance on its credit facility to fund a near-term debt maturity. Strong FCF generation should fund an upcoming maturity, bolster a solid balance sheet, and cause the stock's 40% discount to our mid-cap peer group to narrow.

Compares to my valuation of $23.50 per share.