RJ's Upgrades & Downgrades - April 23

[dan_s]

Raymond James upgrades CLR, XEC; downgrades RRC, SWN

Upgrade:

Cimarex Energy (XEC) upgraded to strong buy from outperform; target increased to $102 from $96

Continental Resources (CLR) upgraded to outperform from market perform; target is $34

Downgrade:

Range Resources (RRC) downgraded to underperform from market perform

Southwestern Energy (SWN) downgraded to underperform from market perform < Former Sweet 16 company that is now on my Watch List.

[dan_s]

After digging into the details of Raymond James new report on Cimarex Energy, I have updated my forecast/valuation model for XEC and posted it to the EPG website. XEC is going to report outstanding Q1 results thanks to much higher realized natural gas and NGL prices than I was using in my forecast model.

My valuation increases $19.00/share to $96.00 and there is upside to my valuation.