Concho Resources (CXO) price target raised

[dan_s]

Stifel raised CXO to a BUY, with a price target of $141. My valuation is $133. - Dan

Wolfcamp wells in the Midland and Delaware basins cause us to raise our type curves and NAV estimate.

Raising NAV Estimate
We are raising our target price to $141 from $120 and our NAV/share estimate to
$141 from $127 primarily due to Wolfcamp well performance in the Delaware and
Midland basins.
NDB Wolfcamp Beating Our Curve
Our Northern Delaware Basin type curve increases to 1.1 MMBoe from 1.0 MMBoe
and unproved acreage value/share to $23 from $18. Most wells completed in the
area over the past 18 months are tracking at or above our new curve.

[dan_s]

SM and PE are also reporting great well results in the area near Concho.